During the last week of August, Apache Arts Company's owner approaches the bank for an $109,000 loan to be made on September 2 and repaid on November 30 with annual interest of 11%, for an interest cost of $2,998. 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 $4,000 cash balance, $122,400 of accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months followw Budgeted Figures September October November $240,000 $435,000 $490,000 198,000 Sales Merchandise purchases Cash disbursements 220,000 200,000 Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan 20,300 10,000 34,300 22,000 10,000 29,800 24,200 10,000 21,300 109,000 2,998 Operations began in August; August sales were $170,000 and purchases were $105,000 The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 28% of credit sales is collected in the month of the sale, 43% in the month following the sale, 23% in the second month, 5% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $73,100 of the $170,000 will be collected in September, $39,100 in October, and $8,500 in November. All merchandise is purchased on credit: 50% of the balance is paid in the month following a purchase, and the remaining 50% is paid in the second month. For example, of the $105,000 August purchases, $52,500 will be paid in September and $52,500 in October Required: Prepare a cash budget for September, October, and November for Apache Arts Company. (Input all amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) APACHE ARTS COMPANY Cash Budget For September, October, and November October September November Click to select Cash receipts Click to select Click to select) Total cash available Cash disbursements Click to select Click to select Click to select) Click to select (Click to select) Click to select Total cash disbursements Click to select