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: The company expects to sell about 10% of its merchandise for cash. of sales on account, 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 $9,000 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 manufocturing costs 80% are expected to be poid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $2,000, marketable secunties of $75,000, and accounts receivable of $154,000 ( $33,000 from July sales and $121,00 i from August sales). Sales on account for July and August were $110,000 and $121,000, respectively. Current habilities as of September 1 indude $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are pald in cash in the period they are incurred. An estimated income tax payment of $21,000 will be made in October. Bridgeport's regular quarterly dividend of $9,000 is expected to be declared in October and paid in November, Management desires to maintain a minimum cash balance of $51,000. 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume 360 days per year for interest calculations. Bridaedort Housewares Ine