Check my work Following are the budgeted Income statements for the second quarter of 2019 for Ses Tech Inc Cost of goods sold Gross profst Operating expenses April $234.000 153,000 5.70,400 35,200 535,200 $272,000 $304,000 182,400 200, 500 $ 69,600 $102,00 40,000 43,200 $ 59,200 Includes all product costs (le direct materials, direct isbot, and manufacturing overheadh includes all period costs e seling, general, and administrative expenses The company expects about 30% of sales to be cash transactions of sales on account 60% are expected to be collected in the first month after the sale is made, and 40% ere expected to be collected in the second month after sale. Depreciation Insurance, and property taxes represent $19.200 of the estimated monthly cost of goods sold and $12,800 of the estimated monthly operating expenses. The annual insurance premium is paid in January, and the annual property taxes are paid in August of the remainder of the cost of goods sold and operating expenses. 80% are expected to be paid in the month in which they are incurred, and the balance is expected to be paid in the following month Current assets as of April 2019, consist of cash of $22.400 and accounts receivable of $239,580 ($167,776 from March credit sales and $71.904 from February credit sales Current abties as of Apre consist of $28.800 of accounts payable for product costs Incurred in March $7360 of accrued liabilities for operating expenses incurred in March, and a $64.000, 18. 120-day nate payable that is due on Apr 17, 2019 An estimated income tax payment of $64.000 will be made in May. The regular quarterly dividend of $25,600 is expected to be declared in May and paid in June. Capital expenditures amounting to $27.520 will be made in April Required: a. Complete the monthly cash budgets for the second quarter of 2019 using the following format. Note that the ending cash belance for June is provided as a check figure (Use 360 days year for calculations) SEATECHING Cash Budget Chec An estimated income tax payment of $64.000 will be made in May. The regular quarterly dividend of S25.600 s expected to be declared in May and paid in June Capital expenditures amounting to $27.520 will be made in April Required: . Complete the monthy cash budgets for the second quarter of 2019 using the following format Note that the ending cash balance for June provided as a check figure (Use 360 days year for calculation) SEATECHINC Caithe For the month of April, Maj, and June 2013 April May Baging chance 22.000 Cash Recipes From the income Fin February March OS Cash Debus For come goods soldering March April June For payment of and Forcapital per For payment of income Formento de Toalbum Ending cash 5 5 GS 22.000 36953 b. Anume that management of Soutech Inc desires maintain a minimumcuh belance of 568.800 on the beginning of each mont and has arranged a $100.000 line of crede wa local bat est rate of 0 to ensure the availability of funds Bonowing transactions are to occur only at the end of months in which the budgeted cash balance would otherwise fall short of the 58.800 minimum balance Repayment of ponce and interest are to occur at the end of the earliest month in which suficient funds are expected to be available for repayment (Do not round intermediate calculations. Use 360 days year for calculations.) MATICHINC Cash Bulga Forr, May and June 2013 Apr Deginning the S 22400 Cash Recets: Foch from $ 22.400 5 ove Cash Dishes For cost of operang penses incurred in April Form Foro come Formentor Ecco of the overste 3