Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: \begin{tabular}{lrrr} & \multicolumn{1}{c}{ May } & \multicolumn{1}{c}{ June } & \multicolumn{1}{c}{ July } \\ \hline Sales & $93,000 & $117,000 & $159,000 \\ Manufacturing & 39,000 & 50,000 & 57,000 \\ costs & & \\ Sellingandadministrativeexpenses & 27,000 & 32,000 & 35,000 \\ Capitalexpenditures & - & - & 84,000 \end{tabular} in which they are incurred and the balance in the following month. regular quarterly dividend of $9,000 is expected to be declared in June and paid in July. Management wants to maintain a minimum cash balance of $27,000. Required: Sonoma Housewares Inc. Cash Budget For the Three Months Ending July 31 May June July Estimated cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) Cash balance at beginning of month Cash balance at end of month Minimum cash balance Excess (deficiency) 2. The budget indicates that the minimum cash balance be maintained in July. This situation can be corrected by and/or by the of the marketable securities, if they are held for such purposes. At the end of May and June, the cash balance will the minimum desired balance