Penny Saver Store is a local discount store with the following information: EEB (Click the icon to view the information.) Read the requirements Cash payments for dividends Property and liability insurance Total payments for operating expenses Requirement 7. Prepare the combined cash budget for November and December. (Enter a "O" for any zero amounts. October sales are projected to be $340,000 Sales are projected to increase by 15% in November and another 20% in December and then return to the October evelin January 20% of sales are made in cash while the remaining 80% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. 0 280,000 S 267,425 S 596,115 The store's gross profit is 25% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise Penny Saver Combined Cash Budget For the Months of November and December inventory equal to $18,000 plus 10% of the next month's cost of goods sold. Al purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $43,500. Expected monthly operating expenses and details about payments include the Wages of store workers should be $7,300 per month and are paid on the last day of each month. November - Beginning cash balance Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Utilities expense is expected to be $1,300 per month in September, October, and -Utilities expense is expected to be $1,800 per month during the colder months of December, January, and February -All utility bills are paid the month after incurred. -Property tax is $16,800 per year and is paid semiannually each December and .Property and liability insurance is $18,000 per year and is paid semiannually each Plus: New borrowings Less: Debt repayments Less: Interest payments January and July Depreciation expense is $168,000 per year; the straight-line method used Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $280,000 are to be paid in December Assume the cash balance on October 31 is $55,000. The company wants to maintain Ending cash balance