The accountant for Munozs Dress Shop prepared the following cash budget. Munozs desires to maintain a cash balance of $24,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 3 percent per month.

Required

1. Complete the cash budget by filling in the missing amounts.
2. Determine the amount of net cash flows from operating activities Munozs will report on the third quarter pro forma statement of cash flows.
3. Determine the amount of net cash flows from financing activities Munozs will report on the third quarter pro forma statement of cash flows.

Complete the cash budget by filling in the missing amounts. Note: Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.

Cash Budget	July	August	September
Section 1: Cash receipts
Beginning cash balance	$47,500
Add cash receipts	190,000	210,000	250,600
Total cash available	237,500
Section 2: Cash payments
For inventory purchases	170,526	145,230	179,152
For S&A expenses	59,500	65,560	66,432
For interest expense	0
Total budgeted disbursements	230,026
Section 3: Financing activities
Surplus (shortage)	7,474
Borrowing (repayments)	16,526
Ending cash balance	$24,000	$24,000	$24,000