P5: During the last week of August, the owner of Rapid River Company approaches the bank for a $180,000 loan to be made on September 1 and repaid on November 30 with annual interest of 9%, for an interest cost of $4,050. The owner plans to increase the store's inventory by $135,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Rapid River's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1, Rapid River is expected to have a $48,000 cash balance, $192,000 of accounts receivable, and $165,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three monthe follno. The budgeted September merchandise purchases include the inventory increase. All sales are on account. Company experience shows that 30% of credit sales is collected in the month of the sale, 40% in the month following the sale, 15% in the second month, 10% in the third, and the remaining 5% is uncollectible. Applying these percents to the September 1 accounts receivable balance, for example, shows that $105,000 of the $192,000 will be collected in September, $52,000 in October, and $28,000 in November. All merchandise is purchased on credit; seventy percent of the balance is paid in the month following a purchase, and the remaining 30% is paid in the second month. For example, of the $165,000 of accounts payable at the end of August, $115,500 will be paid in September and $49,500 in October. Required: Prepare a cash budget for September, October, and November for Rapid River Company. Show supporting calculations as needed