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During the last week of August, Apache Arts Company's owner approaches the bank for an $110,000 loan to be made on September 2 and repaid

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During the last week of August, Apache Arts Company's owner approaches the bank for an $110,000 loan to be made on September 2 and repaid on November 53,575 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 30 with annual interest of 13%, for an interest cost of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow Budgeted F Sales Merchandise purchases Cash disbursements Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan ctober Nove S 240,000 $465,000 $460,000 225000 210,000191,000 20,200 21,950 24,000 8,000 34,10030,600 20,850 8,000 8,000 110,000 3,575 Operations began in August, August sales were $160,000 and purchases were $115,000. The budgeted September merchandise purchases include the inventory increase All sales are on account The company predicts that 24% of credit sales is collected in the month of the sale, 44% in the month following the sale, 21% in the second month, 8% in the third, and the remainder is uncollectible Applying these percents to the August credit sales, for example, shows that S70,400 of the $160,000 ill be collected in September, S33,600 n October and S 1280 0 in November All merchandise purchased on credit 80% of the balance is paid in the month following a purchase and the remaining 20% is paid in the second month For example, of the $115,000 August purchases, $92,000 wil be paid in September and $23,000 in October Required: Prepare a cash budget for September, October, and November for Apache Arts Company (Input all amounts as positive values. Leave no cells blank- be certain to enter "o wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) APACHE ARTS COMPANY Cash Budget For September, October, and November (Click to select) Cash receipts (Click to select) (Click to select) available

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