Chi Budget The controle et Sanoma Housewares Inc. Instructs you to repara a monthly cash budget for the next three months. You are presented with the following twedgut information May June July 133,000 $108,000 $144,000 Manufacturing out 37.000 46.000 $2.000 Seting and administrative expenses 26.000 29,000 32.000 Capital expenditure 35,000 The company expect to sell about 15 of its marchandise for cash Of sales on account, are expected to be collected in the month following the sale and the reminder the following month (econd month following sale). Deprecation, Insurance, and property tax expense represent 57.000 of the estimated monthly manufacturing costs. The annual Turene premium is paid in feptember and the property taces we paid in November of the remainder of the manufacturing costs, or expected to be paid in the monti in which they are incurred and the balance in the following month Current ant of May include can of 33.000.marketable securities of $40,000, and contrecevable of 101400(8272,000 from April sales and $24,500 from March sales) Sales on account for Marchand Art were 170,000 and 177,000, respectively. Current of May 1 include $13,000 of accounts payable incurred in April for manufacturing centa Al terting and administrative expenses we paid in cash in the period they are incurred. An estimated income tax payment of $13,000 will be made in June. Sonoma's regular quarterly divided 87,000 is expected to be declared in June and said in July, Management wants to maintain a minimum cath balance of 426,000 Hequired: 1. Prepare a monthly chen badget and supporting schedules for May June, and July. Input all amounts as positive values excepe overall cash decrease and deletancy which should be indicated with minus in Sonoma Housewares Inc Cash Budget For the Three Months Ending July 31 Sonoma Housewares Inc. Cash Budget For the Three Months Ending July 31 May June Estimated cash receipts from: Cash sales July $ Collection of accounts receivable Total cash receipts $ $ $ Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax DU B D 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)