During the last week of August, Apache Arts Company's owner approaches the bank for an $108,000 loan to be made on September 2 and repaid on November 30 with annual interest of 11%, for an interest cost of $2,970. The owner plans to increase the store's inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Apache Arts' ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1 Apache Arts is expected to have a $4,500 cash balance, $116,800 of accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow Budgeted Figures* Sales Merchandise purchases Cash disbursements September October November $260,000 $465,000 $480,000 197,000 225,000 205,000 Payroll Rent Other cash expenses Repayment of bank loarn Interest on the bank loarn 19,900 10,000 34,000 22,100 10,000 29,200 24,300 10,000 21,600 108,000 2,970 *Operations began in August; August sales were $160,000 and purchases were $110,000 The budgeted September merchandise purchases include the inventory increase. All sales are on account The company predicts that 27% of credit sales is collected in the month of the sale, 44% in the month following the sale, 22% in the second month, 6% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $70,400 of the $160,000 will be collected in September, $35,200 in October, and $9,600 in November. All merchandise is purchased on credit, 30% of the balance is paid in the month following a purchase, and the remaining 70% is paid in the second month. For example, of the $110,000 August purchases, $33,000 wll be paid in September and $77,000 in October Required Prepare a cash budget for September, October, and November for Apache Arts Company. (Input all amounts as positive values. Leave no cells blank - be certain to enter "o" wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Required: Prepare a cash budget for September, October, and November for Apache Arts Company. (Input all amounts as positive values. Leave no cells blank - be certain to enter "o" wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) APACHE ARTS COMPANY Cash Budget For September, October, and November September October November Beginning cash balance Cash receipts 4500 S Collection on accounts receivable Receipts from bank loarn Total cash available Cash disbursements Payments on accounts payable Payroll Rent Other cash expenses Repayment on bank loan Interest on bank loan Total cash disbursements Ending cash balance