Els Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September Sales Purchases April (actual) $370,000 $135,000 May (actual) 350,000 125,000 June (forecast) 325,000 125,000 July (forecast) 325,000 185,000 August (forecast) 348,000 205,000 September (forecast) 380,000 175,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales. 50 percent are collected in the month after the sale and 50 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 20 percent of the current month's sales, Overhead expense equals $12.500 per month. Interest payments of $32,500 are due in June and September. A cash dividend of $52,500 is scheduled to be paid in June. Tax payments of $25.500 are due in June and Septer There is a scheduled capital outlay of $350,000 in September. Ellis Electronics' ending cash balance in May is $22,500. The minimum desired cash balance is $17,500. a. Prepare a schedule of monthly cash receipts for June through September. Ellis Electronics April 5 Cash Receipts Schedule May June 5 Joly $ September $ Sales Credit Sales hov Check Elis Electronics'ending cash balance in May is $22.500. The minimum desired cash balance is $17.500 a. Prepare a schedule of monthly cash receipts for June through September Cail Mac Shadole May July Se Sales Credits Cash sales Collections in oth after sale Collection second month after sale Total cash rechiptu. b. Prepare the monthly cash payments for June through September Ei Electronic Chechele All 5 Septe Purchase Payment in the cost of purchase Payment second the Labour expen Overhead Interest payments v li tivi Capital wutly KING o earch 1030 PM 2021-10-1 O 9C Mostly cloudy IT WD Interest pats Cach dividend Taxes Capital outlay Total cash payments c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maumur desired cash balance is $50.500. Excess cash (above $50.500) is used to buy marketable securities Marketable securities are sold before borrowing funds in case of a cash shortfall dess than $17.500) (Omit sign in your response. Do not leave any empty spaces input O wherever it is required. Negative answers and amounts to be deducted should be indicated by minus sign) sectronie Cash But My Art Seot June 1 Cash payments lietani Bezinning cash balance Cumulative cash balance thly borrowing respet) Cumulative loan balance Parketable securities purchased Harketable curities sold covulative saurable securities Encing cont balance DE ENG watch o SC Mostly cloudy O