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: 71% In the month during which the merchandise is purchased or the cost is incurred In the subsequent month 29% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: September $ 41,200 October $ 53,500 November $ 67,500 December $ 59,200 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 $ 5,940 37,900 $ 43,840 (14,830) $ 29,010 $ 12, 190 10,000 $ 2, 190 $ 14,830 43,800 $ 58,630 (20,250) $ 38,380 $ 15,120 12,400 $ 2,720 $ 20,250 48,400 $ 68,650 (21,510) $ 47,140 $ 20,360 14,200 $ 6, 160 $ 21,510 32,700 $ 54,210 (19,570) $ 34,640 $ 24,560 15,900 $ 8,660 Cash on hand August 31 is estimated to be $40,500. Collections of August 31 accounts receivable were estimated to be $20,320 in September and $14,950 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $23,670. Required: a. Prepare a cash budget for September. September $ 40,500 Beginning cash Cash receipts: August 31 accounts receivable 20,320 0 $ 20,320 Total cash receipts Cash disbursements: 23,670 September purchases August 31 accounts payable and accrued expenses September operating expenses Total cash disbursements $ 23,670 37,150 Ending cash $