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 77% 23% PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of the firm, follows: September $ 41,900 October $ 54,100 November $ 67,700 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 $ 5,550 38,400 $ 43,950 (14,700) $ 29, 250 $ 12,650 10,600 $ 2,050 $ 14,700 44,100 $ 58,800 (20,170) $ 38,630 $ 15,470 12,500 $ 2,970 $ 20,170 49,200 $ 69,370 (22,440 $ 46,930 $ 20,770 14,200 $ 6,570 $ 22,440 32,800 $ 55, 240 (20,460) $ 34,780 $ 24,420 16,100 $ 8,320 Cash on hand August 31 is estimated to be $40,290. Collections of August 31 accounts receivable were estimated to be $20,200 in September and $14,650 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,030. Required: a. Prepare a cash budget for September. September Beginning cash Cash receipts: Total cash receipts Cash disbursements: Total cash disbursements Ending cash Cash on hand August 31 is estimated to be $40,290. Collections of August 31 accounts receivable were estimated to be $20,200 in September and $14,650 in October. Payments of August 31 accounts payable and accrued expenses in September were estimated to be $24,030. b. What is your advice to management of PrimeTime Sportswear? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ? Secure more finance through sale of bonds ? Accelerate the collection of accounts receivable ? Slow down the collection of accounts receivable ? Accelerate the payments of accounts payable ? Slow down the payment of accounts payable