CASH BUDGETING Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm for parts of 2016 and 2017: May 2016 une July August September October November December $186,000 186,000 372,000 540,000 720,000 360,000 360,000 90,000 180,000 January 2017 Estimates regarding payments obtained from the credit department are as follows: collected within the month of sale, 10%; collected the month following the sale, 75%; collected the second month following the sale, 15%. Payments for labor and raw materials are made the month after these services were provided. Here are the estimated costs of labor plus raw materials May 2016 June uly August September October November December $90,000 90,000 126,000 882,000 305,000 234,000 161,000 90,000 eral and administrative salaries are approximately $28,000 a month. Lease payments under long-term, leases are $9,000 a month. Depreciation charges are $36,000 a month. Miscellaneous expenses are $2,800 a m Income tax payments of $63,000 are due in September and December. A progress payment of $180,000 on a new design studio must be paid in October. Cash on hand on July 1 will be $132,000, and a minimum cash balance of $90,000 should be maintained throughout the cash budget period. Session 56:03