Cash Budget The controller of Sonoma Housewares Ine. Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following trudovit information May June July sales 5103,000 $129,000 $172,000 Manufacturing costs 43,000 55.000 62.000 Selling and administrative expenses 30.000 35,000 38.000 Capital expenditures 11.000 The company expects to sell about 15% of its merchandise for cash of sales on account 70% are expected to be collected in the month following the sale and the remainder the folosing ma (second month following sale). Depreciation, Insurance, and property tax expense represent 17,000 of the estimated monthly manufacturing costs. The annual insurance premium is on September, and the annual roperty taxes are paid in November of the remainder of the manufacturing coute, 25wreeded to be paid in the month in which they are incurred and the back in the following month Current assets as of May 1 Include cash of $39,000, marketable securities of $56,000 and accounts receivable of $116.600 (190,000 from April tales and $24.600 from purchae Sales on account for Harch and April were $2.000 and 590,000, respectively. Current as of May 1 Include $10.500 of accounts payable incurred in April for manufacturing con administrative expenses are paid in cash in the period they are incurred, an estimated Income tax payment of $15.000 will be made in Sore regular quartuty vided $7,000 is expected to be declared in June and gold in July, Management wants to maintain a minimum ch balance of $30,000 Stequired: 1. Prepare a monthly cash budget and supporting schedules for May June Julytnout all amounts positive values washers and car which the minus sign