Show Me How Print Item Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information September October November $96,000 $121,000 $152,000 40,00052,000 55,000 34,000 36,000 58,000 Sales Manufacturing costs Capital expenditures 36,000 the dar pany expects to sell about i 0% of its merchandise for cash or sales on a count, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $36,000, marketable securities of $52,000, and accounts receivable of $107,100 ($84,000 from July sales and $23,100 from August sales). Sales on account for July and August were $77,000 and $84,000, respectively. Current liabilities as of September 1 include $8,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $15,000 will be made in October. Bridgeport's regular quarterly dividend of $8,000 is expected to be dedlared in October and pald in November. Management desires to maintain a minimum cash balance of $35,000. Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. 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 KP Show Me How Print Item Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information September October November $96,000 $121,000 $152,000 40,00052,000 55,000 34,000 36,000 58,000 Sales Manufacturing costs Capital expenditures 36,000 the dar pany expects to sell about i 0% of its merchandise for cash or sales on a count, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $36,000, marketable securities of $52,000, and accounts receivable of $107,100 ($84,000 from July sales and $23,100 from August sales). Sales on account for July and August were $77,000 and $84,000, respectively. Current liabilities as of September 1 include $8,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $15,000 will be made in October. Bridgeport's regular quarterly dividend of $8,000 is expected to be dedlared in October and pald in November. Management desires to maintain a minimum cash balance of $35,000. Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. 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 KP