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. Purchases Sales $340,000 $132,000 April (actual) May (actual) June (forecast) 320,000 122,000 295,000 122,000 295,000 182,000 July (forecast) August (forecast) September (forecast) 310,000 202,000 350,000 172,000 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 sale and 90 percent are collected two months after. Ellis 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 $51,000 is scheduled to be paid in June. Tax payments of $25,200 are due in June and September. There is a scheduled capital outlay of $320,000 in September. Ellis Electronics' ending cash balance in May is $21,000. The minimum desired cash balance is $16,000. a. Prepare a schedule of monthly cash receipts for June through September. April July Sales August $ September $ Credit sales Cash sales. Collections in month after sale. afton colo Ellis Electronic. O Cash Receipts Schedule. May June $ $ O a. Prepare a schedule of monthly cash receipts for June through September. Ellis Electronics Cash Receipts Schedule. May April $ Sales -57) $ $ Credit sales Cash sales Collections in month after sale. Collections second month after sale. Total cash receipts. b. Prepare the monthly cash payments for June through September. Ellis Electronics Cash Payments Schedule May $ April Purchases Payments in the month after purchase Payments second month after purchase. Labour expense Overhead Interest payments Cash dividend Taxes Capital outlay June $ June $ July $ July August $ August September $ September Interest payments Cash 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 $50,200. Excess cash (above $50,200) is used to buy marketable securities. Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $16,000). (Omit $ sign in your response. 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.) Ellis Electronics Cash Budget. June July August September $ Cash receipts Cash payments Not cash flow Beginning cash balance: Cumulative cash balance. Monthly horrowing or (repayment) Cumulative loan balance Marketable securities purchased. Marketable securities sold Cumulative marketable securities Ending cash balance $ $