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: 50% in the month after the sale is made and 45% 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 74% 26% PrimeTime Sportswear's Income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows. 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 September $ 42, 700 October $53,600 November $ 68.200 December $ 58.600 $ 6,440 38,100 $ 14,150 43,600 $ 44,540 (14, 150) $ 30,390 $ 12,310 10.500 $ 57,750 (20.410) $ 37,340 $ 16,260 12.500 $ 20.410 48.600 $ 69,010 (22,480) $ 46,530 $ 21,670 14,400 $ 1,810 $ 3,760 $ 7.270 $22,480 33,100 $ 55, 580 (20,270) $35,310 $ 23,290 16.200 $ 7,090 Cash on hand August 31 is estimated to be $39,530 Collections of August 31 accounts receivable were estimated to be $20,090 in September and $14.580 In October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $23,640. Required: a. Prepare a cash budget for September Beginning cash Cash receipts September