Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm parts of 2006 and 2007: Estimates regarding payments obtained from the credit department are as follows: Collected within the month of sale, 15%, collected the month following the sale, 65%, collected the second month following the sale, 20%. Payments for labor and raw materials are made the month after these services were provided. Here are the estimated costs of labor plus raw materials: General and administrative salaries are approximately $27,000 a month; lease payments under long-term leases are $9,000 a month; depreciation charges are $36,000 a month; miscellaneous expenses are $2, 700 a month; income tax payments of $63,000 are due in both September and December; and a progress payment of $180,000 on a new design studio must be paid in October. Cash on hand on July 1 will be $132,000, and a minimum cash balance of $90,000 should be maintained throughout the cash budget period. Prepare a cash budget and estimate the required financing or excess fluids each month.. Collections and purchases worksheet