Fairbanks, Salmon, Williams & Musgrave Academic Excellence Co. pre 13. (2pts, plus 1pt EC Williams & the following budgeted information in order to prepare their November Cash Budget: Sales Merchandise purchases Selling & Admin Expenses sente Oct $110,000 $85,000 $ 50,000 Nov $130,000 $ 92,000 50,000 Dec $180,000 $105,000 $ 50,000 Cash Budget assumptions: All sales are on credit and are collected 40% in the month of the sale, 58% in the month following the sale, with 2% uncollectible (but still due). Merchandise purchases are paid in full the month following the month of purchase. The monthly selling and administrative expenses include $4,000 of depreciation expense relating to display fixtures and warehouse equipment. All other selling and administrative costs are paid in cash in the month incurred. Management requires a minimum cash balance of $10,000. Any amount below this will be borrowed, using a bank credit line, but all bank borrowings must be in whole increments of $1000 Note: All borrowings are made at month-end. Ignore any bank interest expense charges a) Referring to pg 267 as a guide, prepare a Cash Budget for the month of November only, showing all details. The company expects to have $13,000 of cash on hand November 1st. November 1st Beginning Cash Bal $13,000 Labels/descriptions in this column)(amounts) Show your calculations in this column Note: the number of rows shown is generic) Ending Cash Balance at Nov 30th b) What would be the Accounts Payable balance (relating to purchases) at 11/30 (end of November)? c) IPTEC Bonus Question (OPTIONAL)-You MUST showlabel your work for any credit! When preparing a budgeted ending December 31st Balance Sheet, what would be the Accounts Receivable ending balance? Assume there are no uncollectible accounts at the September 30th Balance Sheet date