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 $340,000 320,000 295,900 295,000 310,000 350.000 Purchases $132,000 122,00 122,000 182,000 202.000 172,000 The company makes 10 percent of its sales for cash and 90 percent on credit of the credit sales, 10 percent are collected in the month after the sole and 90 percent are collected two months after Els pays for 30 percent of its purchases in the month after purchase and 70 percent two months after Labour expense equals 15 percent of the current month's sales Overhead expense equals $12 200 per month Interest payments of $31.000 are due in June and September A cash dividend of $51000 is scheduled to be paid in June. Tax payments of $25 200 are due in June and September. There a scheduled capital outlay or $320,000 in September Ellis Electronics'ending cash balance in May is $21.000. The minimum desired cash balance is $15,000 Prepare a schedule of monthly cash receipts for June through September April 1 Electronics Cash Receipts Schedule June $ Hay July August $ Sep 5 Sales Credit sales Cash sales Collections in month after sale Collections second month after sale Total cash receipts Prepare the monthly cash payments for June through September Prepare the monthly cash payments for June through September EH Tectronics Cash Payments Schedule May $ April June July August Purchases Payments in the month after purchase Payments second month after purchase Labour expense Overhead Interest payments Cash dividend Taxes Capital outlay Total cash payments Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired ish balance is $50,200. Excess cash (above $50,200) is used to buy marketable securities Marketable securities are sold before Orrowing funds in case of a cash shortfall (less than $16,000). (Do not leave any empty spaces; input a 0 wherever it is required. egative answers and amounts to be deducted should be indicated by a minus sign.) Enis Electronics Cash Budget July August September Cash receipts Cash payments June $ $ $ Net cash flow Beginning cash balance Cumulative cash balance Monthly borrowing or repaynent> Cumulative loan balance Marketable securities purchased Marketable securities sold Cumulative marketable securities Ending cash balance