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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 shouid be indicated with a minus sign. The controller of Sonoma Housewares Inc. instructs you to prepsre a monthly cash budget for the next three months, You are presented with the following budget information: The company expects to sell about 10% of its merchandise for cash, of sales on account, 65% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Deprecistion, insurence, and property tax expense represent $9,000 of the estimated monthly manufacturing costs. The anwal insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 75% 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 $50,000, marketable securities of $71,000, and accounts receivable of $153,100 ( $116,000 from April sales and $37,100 from March soles); Sales on account for March and Apni were $106,000 and $116,000, respectively. Current liabilities as of May 1 include $13,500 of accounts payable incurred in April for manufecturing costs. Al selling and administrativkexpenses are paid in cash in the period they are incurred. An estimated incorve tax payment of $20,000 will be made in June. Sonomas regular quarterfy dividend of $9,000 is expected to be declared in June and paid in July. Maragement wants to maintain a minimum cash balance of $39,000. Toheck Mr Wark The primary source of estirnated cash receipts is from cash sales and collections on acceunt. To estimate canh receipts from cash sales and collections on account, a schedule of collections from sales is prepared. 2. The budget indicates that the minimum cash balance 4 be maintalned in July. This situation can be corrected by andior by of the marketoble securities, if they are heid for such purposes. At the end of May and June, the cash balance will the minimum desired balance. Yectesua clais My min Sometimes an item July be a decrease in one period and an increase in a different period, What wealenesses are shown by thit cash budget