P14.1 (Profit Budget and Cash Forecast) Creassos Ltd. was formed in July 2012 with $20,000 of capital. $7,500 of this was used to purchase equipment. The owner budgeted for the following: Receipts of Accounts Receivable July Aug. Sept. Sales $20,000 30,000 40,000 Purchases $ 8,000 15,000 20,000 Payments on Accounts Payable $5,000 10,000 20,000 Wages $3,000 4,000 5,000 Other Expenses $2,000 2,000 3,000 $20,000 30,000 Wages and other expenses are paid in cash. In addition to the above, depreciation is $2,400 per year. No inventory is held by the company. a. Calculate the profit for each of the three months from July through September and the total profit for the three months. b. Calculate the cash balance at the end of each month. c. Prepare a statement of financial position at the end of September