Problem 14-20 Cash Budget-part 2 LO 4, 8

Could you please explain and show me how you came up with these calculations? Studying for an exam

Problem 14-20 Cash budget-part 2 LO 4,8 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: 49% in the month after the sale is made and 44% in the second month after sale. Merchandise purchases and operating expenses are paid as follows: In the month during which the merchandise is purchased or the cost is incurred In the subsequent month 73% 27% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: September October November December Sales Cost of goods sold: 41,400 54,400 68.200 59.200 $ 6,060 14,760 $ 20,320 $22,430 33,400 $ 44,460 $59,260 $68,920 55,830 (14760) _(20,320 22430 _(19,690) 0 46,490$36,140 $11,700 $15,460 21,710 $23,060 16,000 $ 1,200 $2,960 $ 7,010 $7,060 Beginning inventory 38,400 44,500 48,600 Cost of goods available for sale Less: Ending inventory Cost of goods sold 29,700 38,940 Gross proft Operating expenses Operating income 0.500 TE100 12500 14,70010 Cash on hand August 31 is estimated to be $39,910. Collections of August 31 accounts receivable were estimated to be $19,990 in September and $15,240 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,100 Required a-1. Prepare a cash budget for October and November. (Beginning cash should be indicated with a minus sign if it is a negative amount.)