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Simco Chemical Company produces various chemicals for industrial use. Simco's budget for the last quarter of 2013 is as follows: BUDGET Time left 1:05:5 Oct Nov Dec SALES 400,000 500,000 930,000 EXPENSES: Merchandise Purchases 300,000 500,000 300,000 Rent Expense 45,000 45,000 45,000 Lease Expense 6,000 6,000 6,000 Depreciation Expense 15,000 15,000 15,000 Other Operating Expenses 115,000 148.000 183,000 Total Expenses 481,000 714.000 549,000 NET INCOME (81.000) (214.000) 381.000 The following information is also known: The actual cash balance on September 30 was $60,000, Cash collected from customers during the month of October is $575,000. The September 30 accounts payable balance is $105,000 Purchases are paid 70% in the month incurred, and 30% in the following month. Rent payments are paid quarterly in advance. The most recent rent payment was made on July 1. Lease payments are also paid quarterly in advance. The most recent lease payment was September 1. All other cash expenses are paid in the month incurred. Bank financing information: All loans taken are taken at the beginning of a month and all loans repaid are repaid at the end of a month. The bank charges interest on all repayments at a rate of 9% per year. The bank will only give loans and accept repayments of loans in $1,000 increments. As at September 30, Simco has a loan outstanding of $100,000 taken on September 1. Simco must repay as much of the loan as possible whenever there is excess cash available. As part of Simco's loan agreement the bank insists that Simco keep a minimum cash balance of $20,000 at the end of each month Question #9 - Prepare Simco's cash budget for October in good form. (15 marks)