Prepare a monthly cash budget and supporting schedules for March, April, and May.

The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash bud- get for the next three months. You are presented with the following budget information: March April $70,000 $84,000 $92,000 32,000 39,000 42,500 12,000 18,000 21,000 May Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . 20,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent 83,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in July, and the annual property taxes are paid in November. of the remainder of the manufacturing costs, 80% are expected to be paid in the month in whi they are incurred and the balance in the following month. Current assets as of March 1 include cash of $10,000, marketable securities of $40,000, and accounts receivable of $75,600 (860,000 from February sales and $15,600 from Janu- ary sales). Sales on account for January and February were $52,000 and $60,000, respec- tively. Current liabilities as of March 1 include a $12,000, 15%, 90-day note payable due May 20 and $4,000 of accounts payable incurred in February for manufacturing costs. All selling and is expected that $1,800 in dividends will be received in March. An estimated income tax payment of $16,000 will be made in' April. Santa Fe's regular quarterly dividend of $3,000 is expected to be declared in April and paid in May. Management desires to maintain a minimum cash balance of $30,000. in cash in the pe are incurred. It administrative expenses are paid Instructions 1. Prepare a monthly cash budget and supporting schedules for March, April, and May