PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: 50% in the month after the sale is made and 45% in the second momth after sale. Merchandise purchases and operating expenses are paid as follows: Intheeubeeqventmoseh264 Primerime Sportswear's income stotement budget for each of the next four months, newly revised to rafiect the success of the firm. follows: Cash on hand June 30 is estimsted to be $40,260. Colloctions of June 30 accounts receivable were estimated to be $48,120 in July and 514,860 in August. Payments of Jine 30 accounts poyabie and accrued expenses in July were estimated to be $23,550. Required: a. 1. Prepare a cash budget for August and September. 2. What are the prospects for this compsny if is sales growt continues at a similar rate? b. 1. Assume now that Primerime Sportswear is a mature firm, and that the July to September dato represent a seosonal peak in business. Piepare a cash budget for October, November, and Decembec, assuming that the income statements for November and December are the same as October's 2. Can the cash budget be used to support a request to a bank for a seasonal loan? Coenplete this question by entering your answers in the tabs below. Mepare acash busget far Auguse and September. Wote: Beginning cash sheold be indicated with a minus son if a is a negatwe amount: Complete this question by entering your answers in the tabs below. Can the cash budget be used to supoort o request to a bank for a seasonal loan? Assume now that PrimeTime Sportswear is a mature firm, and that the July to September data represent a seasonal peak in business. Prepare a cash budget for October, November, and December, assuming that the income statements for November and December are thic same as October's. Note: Beginning cash should be indicated with a minus sign if it is a negative amount. Complete this question by entering your answers in the tabs below. What are the prospects for this company if its sales growth continues at a simliar rate? Prepare a cash budget for August and September. Note: Beginning cash should be indicated with a minus sign if it is a negative amount