Golf Plus have provided you with their budgeted income statement that includes the following data;

Golf Plus Income statement Sep Oct Nov Dec $110,000 $165,000 $180,000 $45,000 $49,500 $57,000 $82,000 $88,000 $92,000 $15,000 $15,000 $15,000 $1,900 $2,000 $2,200 $2,100 $2,100 $2,100 Sales Materials Expense30% of sales Wages expense Rent expense Utilities expense Insurance expense $ 120,000 $ 36,000 $ 70,000 $ 15,000 $ 1,700 $ 2,100 The following assumptions regarding the budget are as follows; Cash sales are 30% and credit sales are 70% of the business Collection of the credit sales are 30% in the month of sale, 40% in the next month and 20% in the second month after the sale. 10% of the sales are not collectable. Credit sales for August are $70,000 Materials expenses, 40% will be paid in the month that they were incurred and 60% will be paid in the following month. 25% of the wages expense will be paid in the month that incurred and 75% will be paid one month later. Insurance was prepaid for the upcoming year in August. Purchase of new van for deliveries in November $35,000. The expected useful life of the van is expected to be 5 years. Rent and utilities are paid in the month that they were incurred. The cash balance on the 30 September was $20,000. Required: (Show all workings and calculations where required including a schedule for sales and credit sales) Prepare a cash budget for each of the months October, November and December for the Maggie May Company.