The ACME Toy Company has projected sales as follows: 1. ACME collects 65% of its sales in the month of the sale, 25% in the second month and 10% in the third month. 2. ACME purchases and pays for raw materials one month in advance of its sales. The purchases are 60% of sales. 3. ACME pays $7,000 rent each month for its factory. 4. ACME pays $6,000 other costs each month. 5. A tax prepayment of $45,000 is due in October. 6. ACME has a line of credit with it's local bank for $500,000 at 10% interest, and must maintain a bank balance of $10,000 7. At September 30th, it had borrowed $40,000 on its LOC, and had a bank balance of $15,000 a. Prepare a cash budget for the last quarter of the year (October - December) b. Will the ACME have its LOC paid off by 12/31