Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September April (actual) May (actual) June (Forecast) July (forecast) August (forecast) September (forecast) Sales $410,000 390,000 365,000 365,000 380,000 420,000 Purchases $139,000 129.000 129.000 189,000 209,000 179,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 40 percent are collected in the month after the sale and 60 percent are collected two months after. Ellis pays for 20 percent of its purchases in the month after purchase and 80 percent two months after Labour expense equals 25 percent of the current month's sales Overhead expense equals $12.900 per month. Interest payments of $34,500 are due in June and September. A cash dividend of $54.500 is scheduled to be paid in June Tax payments of $25,900 are due in June and September. There is a scheduled capital outlay of $390,000 in September Ellis Electronics' ending cash balance in May is $24,500. The minimum desired cash balance is $19,500 Labour expense equals 25 percent of the current month's sales Overhead expense equals $12,900 per month. Interest payments of $34,500 are due in June and September. A cash dividend of $54,500 is scheduled to be paid in June, Tax payments of $25,900 are due in June and September. There is a scheduled capital outlay of $390,000 in September Ellis Electronics' ending cash balance in May is $24,500. The minimum desired cash balance is $19,500 a. Prepare a schedule of monthly cash receipts for June through September April 410.000 328.000 B2.000 Sales Credit sales Cash sales Collections in month after sale Collectione second month after sale Ellis Electronics Cash Receipts Schedule May June $390.000 $365,000 312.000 292.000 78,000 73.000 July S365.000 292.000 73.000 August 380 000 304,000 76,000 September 420,000 336.000 84000 Total cash receipts ST 17 Search inment #4 Help Save & Exit Submit b. Prepare the monthly cash payments for June through September Electronics Cash Payments Schedule April May June July Augat september Purchase Payment in the month after purchase Payment second month after purchase Labour expense Overhead Interest payments Caan dividend Taxes Capital outlay Total cash payments c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired cash balance is $50.900 Excess cash (above $50,900) is used to buy marketable securities, Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $19,500) (Do not leave any empty spaces; Input a O wherever it is required hthandicated by a minus sion) c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired cash balance is $50,900. Excess cash (above $50,900) is used to buy marketable securities Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $19,500). (Do not leave any empty spaces: input a O wherever it is required. Negative answers and amounts to be deducted should be indicated by a minus sign.) Enis Electronics Cash Budget July August Cash receipts Cash payments June September set cash flow Beginning cash balance Cum lative casis balance Monthly bazzowing or repayment Cumulative loan balance Herketable secoration purchased saleable sur ses sold Citrice tabte securities Ending cam balance