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 $95,000 $121,000 $150,000 Manufacturing costs 40,000 52,000 $4,000 Selling and administrative 33,000 36,000 expenses 57.000 Capital expenditures 36,000 The company expects to sell about 10% of its merchandise for cath of sales on account, you are expected to be collected in the month following the sale and the remainder the following month (econd month following sale). Depreciation, Insurance and property tax expense represent 39,000 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, 10% 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 Indude cash of $36,000,marketable securities of $51,000, and accounts receivable of $105,800 (522.00 from Suly sales and 583.000 from August sales Sales on account for July and August were $76,000 and $3,000, respectively. Current liabilities as of September 1 include 19,000 of accounts payable incurred in August for manufacturing costs. All saling and administrative penses 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 $9,000 is expected to be dedared in October and paid in November, Management desires to maintain a minimum cash balance of $35.000 1. Prepare a monthly cash budget and supporting schedules for September October, and November. Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Less estimated cash payments for Manufacturing costs Selling and administrative expenses Capital expenditures g (D0 DO DOJO QUO QUO 01 Other purposes Income tax Dividends Total cash payments Cash increase or (decrease) Plus Cash balance at beginning of month Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase or (decrease) Plus cash balance at beginning of month Cash balance at end of month Plus minimum cash balance Excess or (deficiency) > 000000 in thn hari