ed with the following budget information: May June July Sales Manufacturing costs 34,000 39,000 44,000 15,000 16,000 22000 Capital expenditures. he company expects to sell about 10% of its merchandise for cash, or sales on account, 70% are expected to be collected following month (second month following sale). Depreciat 80,000 in the month following the sale and the remainder tion, insurance, and property tax expense represent $3,500 of the estimated monthly manufacturing costs. The annual mium is paid in September, and the annual property taxes are paid in November, Of the remainder of the remainder of the manufacturing costs, 8% are expected to be paid in the month in which they are incurred and the blance in the following month Current assets as of May 1 include cash of $33,000, marketable securities of $40,000, and accounts receivable of $90,000 ($72,000 from April sales and $18,000 from March sales). I were $60,000 and $72,000, respectively. Current lablities as of May 1 include $6,000 of accounts payable incurred in April for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $14,000 will be made in June. Sonoma's regular uarterly dividend of $5,000 is expected to be declared in June and paid in July. Management desires to maintain a minimum cash balance of $30,000. equired Hide 1. Prepare a monthly cash budget and supporting schedules for May, June, and July 2014. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign