Cash budgetingHelen 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 $2014$ and $2015$:May $2014$$$186,000$June$186,000$July$372,000$August$540,000$September$720,000$October$360,000$November$360,000$December$90,000$January $2015180,000$Estimates regarding payments obtained from the credit department are as follows: collected within the month of sale, $10\%$; collected the month following the sale, $75\%$; collected the second month following the sale, $15\%.$ Payments for labor and raw materials are made the month after these services were provided. Here are the estimated costs of labor plus raw materials:May $2014$$$90,000$June$90,000$July$126,000$August$882,000$September$307,000$October$234,000$November$161,000$December$90,000$General and administrative salaries are approximately $$26,000$ a month. Lease payments under long$-$term leases are $$9,000$ a month. Depreciation charges are $$36,000$ a month. Miscellaneous expenses are $$2,600$ a month. Income tax payments of $$62,000$ are due in September and December. A progress payment of $$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.Prepare a monthly cash budget for the last $6$ months of $2014.$ If no entry required, leave the cell blank. Use minus sign to enter losses, loans outstanding or any other negative amounts. May June July August September October November December JanuaryCollections and purchases worksheetSales $($gross$)$$ $ $ $ $ $ $ $ $ CollectionsDuring month of sale$ $ $ $ $ $ $ $ During $1$st month after sale$ $ $ $ $ $ $ $ During $2$nd month after sale$ $ $ $ $ $ $ $ Total collections$ $ $ $ $ $ PurchasesLabor and raw materials$ $ $ $ $ $ $ $ Payments for labor and raw materials$ $ $ $ $ $ $ Cash gain or loss for monthCollections$ $ $ $ $ $ Payments for labor and raw materials$ $ $ $ $ $ General and administrative salaries$ $ $ $ $ $ Lease payments$ $ $ $ $ $ Miscellaneous expenses$ $ $ $ $ $ Income tax payments$ $ $ $ $ $ Design studio payment$ $ $ $ $ $ Total payments$ $ $ $ $ $ Net cash gain $($loss$)$ during month$ $ $ $ $ $ Loan requirement or cash surplusCash at start of month$ $ $ $ $ $ Cumulative cash$ $ $ $ $ $ Target cash balance$ $ $ $ $ $ Cumulative surplus cash or loans outstanding to maintain $$90,000$ T

arget cash balance$ $ $ $ $ $