Mapleview Inc. has provided the following financial data.

Mapleview, Inc. has the following budgeted sales:

July $200,000, August $300,000, and September $250,000.

40% of the sales are for cash and 60% are on credit.

For the credit sales, 50% are collected in the month of sale,

and 50% the next month.

Mapleview, Inc.'s direct materials budget shows total cost of direct materials purchases: July $100,000, August $180,000 and September $160,000.

Cash payments are 60% in the month of purchase,

and 40% in the following month.

Received Dividend Payment from Investments in September for $20,000

Payroll taxes for $5,000 for August and $5,000 for September

Payroll is $65,000 for August and $65,000 for September

Sold Equipment for $8,000 on August 1^st

Sold Equipment for $10,000 on September 1^st

Purchase Equipment for $10,000 on September 1^st

Interest Revenue received for September is $15,000

Manufacturing Overhead expenditures for August is $25,000

Manufacturing Overhead expenditures for September is $25,000($4,000 is for depreciation)

July ending cash balance is $80,000

Selling and Administrative expense is $35,000 for August and September

It is the Companys policy to maintain a monthly cash balance of $85,000.

In the event that more cash may be needed the Company has a $20,000 Line of Credit.

INSTRUCTIONS: Prepare the following

1. Schedule of collections from customers

2.) Schedule of payments for Direct Materials

3.) Cash Budget for August and September.