Prepare a Cash Budget for July - October

Other Information:
DC's operates on a calendar year basis
Credit Sales from Events and Catering are 20% per month
Collections are 60% in the month of sale and 40% in the following month
Admin & Selling includes $1,000 depreciation expense
Prime (direct) wages are 30% of Sales
Admin & Sales salaries are $4,350 per month
Wages are paid 80% in current month and 20% the following month
Purchases of Direct Materials, which are 32% of Sales, are paid 50% in current month and 50% in following month
Loan payment of $1,600 is made at the 1st of each month
A dividend to the owners of 10% of the ending quarter's Net Income is paid in Jan, Apr, Jul, Oct
April - June Net Income before taxes was $50,000
Ending Inventory needs to be 30% of the following month's Direct Materials Cost of Goods Sold
Accounts payable for purchases June 30 was $13,600
Beginning Cash Balance June 30 was $175,000
Effective tax rate is 23%. Quarterly estimated taxes are paid the month following the end of the quarter

June	July	August	September	October	November
Sales	85,000	86,275	87,569	88,883	90,216	91,569
Cost of Goods Sold	52,700	53,491	54,293	55,107	55,934	56,773
Gross Profit	32,300	32,785	33,276	33,775	34,282	34,796
Admin & Selling Costs	21,000	21,000	21,000	21,000	21,000	21,000
Net Income before Taxes	11,300	11,785	12,276	12,775	13,282	13,796