signment #4 i Saved Help Save & Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September. Purchases Sales $430,000 $141,000 410,000 131,000 385,000 131,000 April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) 385,000 191,000 400,000 211,000 440,000 181,000 The company makes 40 percent of its sales for cash and 60 percent on credit. Of the credit sales, 10 percent are collected in the month after the sale and 90 percent are collected two months after. Ellis pays for 40 percent of its purchases in the month after purchase and 60 percent two months after. Labour expense equals 25 percent of the current month's sales. Overhead expense equals $13,100 per month. Interest payments of $35,500 are due in June and September. A cash dividend of $55,500 is scheduled to be paid in June. Tax payments of $26,100 are due in June and September. There is a scheduled capital outlay of $410,000 in September. Ellis Electronics' ending cash balance in May is $25,500. The minimum desired cash balance is $20,500. a. Prepare a schedule of monthly cash receipts for June through September. Ellis Electronics Cash Receipts Schedule Ellis Electronics' ending cash balance in May is $25,500. The minimum desired cash balance is $20,500. a. Prepare a schedule of monthly cash receipts for June through September. Ellis Electronics Cash Receipts Schedule May $ 410000 July April $ 430000 Sales $ 385000 Credit sales Cash sales Collections in month after sale Collections second month after sale Total cash receipts b. Prepare the monthly cash payments for June through September. April $ Purchases Payments in the month after purchase Payments second month after purchase Labour expense June $ 385000 Ellis Electronics Cash Payments Schedule May $ $ June July $ August $ 400000 August $ September $ 440000 September 9 Ent Ellis Electronics Cash Payments Schedule May Purchases $ $ Payments in the month after purchase Payments second month after purchase Labour expense Overhead Interest payments Cash dividend Taxes Capital outlay $ $ $ $ Total cash payments c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired cash balance is $51,100. Excess cash (above $51,100) is used to buy marketable securities. Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $20,500). (Omit $ sign in your response. Do not leave any empty spaces; input a 0 wherever it is required. Negative answers and amounts to be deducted should be indicated by a minus sign.) Ellis Electronics Cash Budget June July August $ September $ Cash receipts Cash payments $ April $ $ June $ July August $ September $ Saved H c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum de balance is $51,100. Excess cash (above $51,100) is used to buy marketable securities. Marketable securities are sold before funds in case of a cash shortfall (less than $20,500). (Omit $ sign in your response. Do not leave any empty spaces; input wherever it is required. Negative answers and amounts to be deducted should be indicated by a minus sign.) Ellis Electronics Cash Budget June July August September Cash receipts $ Cash payments Net cash flow Beginning cash balance Cumulative cash balance Monthly borrowing or (repayment) Cumulative loan balance Marketable securities purchased Marketable securities sold Cumulative marketable securities Ending cash balance $ tA LA 64