During the last week of August, Apache Arts Company's owner approaches the bank for an $107,500 loan to be made on September 2 and repaid on November 30 wi $2,956. The owner plans to increase the store's inventory by $60,000 during September and needs the 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 $4,000 cash balance, $138,700 of accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow. th annual interest of 11%, for an interest cost of Budgeted Figures Sales September October November $ 240,000 $475,000 $460,000 230,000 210,000 98,000 Merchandise purchases Cash disbursements Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan 20,500 8,000 35,100 24,200 8,000 20,850 107,500 2,956 8,000 30,200 Operations began in August: August sales were $190,000 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 $83,600 of the $190,000 will be collected in September, S4 1,800 in October, and $11,400 in November. All merchandise is 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 $110,000 August purchases, $88,000 will be paid in September and $22,000 in October Required Prepare a cash budget for September, October, and November for Apache Arts Company. (Input al amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) your intermediate calculations and final answers to the nearest dollar amount. Omit th your response.) e "s" sign in APACHE ARTS COMPANY Cash Budget For September, October, and November September October November 4,000 $ Beginning cash balance Cash receipts 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 loarn Total cash disbursements Ending cash balance