Show Me How Calculator eBook Cash Budget The controller of Dash Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: March AprilMay $146,000 $172,000 $232,000 61,000 74,000 84,000 Sales Manufacturing costs Selling and administrative expenses 42,000 46,000 51,000 Capital expenditures The company expects to sell about 15% of its merchandise for cash, of sales on account, 65% are expected to be collected in the month f remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,0 costs. The annual insurance premium is paid in July, and the annual property taxes are p to be paid in the month in which they are incurred and the balance in the following month 56,000 ollowing the sale and the 00 of the estimated monthly manufacturing aid in November. Of the remainder of the manufacturing costs, 85% are expected 1 include cash of $55,0, marketable securities of $79,0, and accounts receivable of $168,950 ($128,000 from February sales and $40,950 rent liabilities as of March 1 include a $73,000, 12%, 90- uary and February were $117,000 and $128,000, respectively. Cur day note payable due May 20 and $6,000 of accounts payable incurred in February for manufacturing costs. All selling and period they are incurred. It is expected that $4,400 in dividends will be received in March. An estimated income tax payment of $21,000 will be made in egular quarterly dividend of s6,000 is expected to be declared in April and paid in May. Mana Required: April. Dash Shoes gement desires to maintain a minimum cash balance of $43,000. 1. Prepare a monthly cash budget and supporting schedules for March, April, and May. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations Dash Shoes Inc. Cash Budget March Aprill May Estimated cash receipts from Cash sales 5 21.900 25.800 34.800