May June July 1000 9000 1900 34.000 39.000 44000 32.000 Castal eigendur The company A Cet acces 0.000 adly during The annuale premium in pd in Sapamber and the annual property taxes $18.000 from March sales). Sales on aunt for Manch and Apr were 360.000 and $72.000 C 1. Prepare ly a budget and schedules for Has June and Input all amount an oses and deficiency which shock Cask Budget C Calefacc For the Three Honths Ending July 31 Casal de May 100 July 000 000 May June July Sales Manufacturing costs $86,000 $90,000 $95,000 Selling and administrative expenses Capital expenditures 34,000 15,000 16,000 39,000 44,000 22,000 80,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the ale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $3,500 of the stimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month Current assets as of May 1 include cash of $33,000, marketable securities of $40,000, and accounts receivable of $90,000 ($72,000 from April sales anc $18,000 from March sales). Sales on account for March and April were $60,000 and $72,000, respectively. Current liabilities as of May 1 include $6,000 of accounts payable incurred in April for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $14,000 will be made in June. Sonoma's regular quarterly dividend of $5,000 is expected to be declared in June and paid in July. Management wants to maintain a minimum cash balance of $30,000. Required: 1. Prepare a monthly cash budget and supporting schedules for May, June, and July. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign