! Required information [The following information applies to the questions displayed below.) 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 768 248 PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: September $ 41,500 October $ 53,900 November $ 67,600 December $ 58,900 Sales Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit Operating expenses Operating income $ 5,970 38,700 $ 44,670 (14,870) $ 29,800 $ 11,700 10,600 $ 1,100 $ 14,870 43,500 $ 58,370 (20,320) $ 38,050 $ 15,850 12,700 $ 3,150 $ 20,320 48,900 $ 69,220 (22.080) $ 47,140 $ 20.460 14,800 $ 5,660 $ 22,080 32,800 $ 54,880 (20,150) $ 34,730 $ 24,170 16,200 $ 7,970 Cash on hand August 31 is estimated to be $39,600. Collections of August 31 accounts receivable were estimated to be $20,060 in September and $15,210 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $23,660. Required: a. Prepare a cash budget for September. September Beginning cash Cash receipts: Total cash receipts Cash disbursements: Total cash disbursements Ending cash