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 manufacturing costs, $80\%$ 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 $1$ include cash of $$45,000,$ marketable securities of $$64,000,$ and

accounts receivable of $$132,500($ $$28,500$ from July sales and $$104,000$ from August sales$).$ Sales on

account for July and August were $$95,000$ and $$104,000,$ respectively. Current liabilities as of

September $1$ include $$9,000$ of accounts payable incurred in August for manufacturing costs. All selling

and administrative expenses are paid in cash in the period they are incurred. An estimated income tax

payment of $$18,000$ will be made in October. Bridgeport's regular quarterly dividend of $$9,000$ is

expected to be declared in October and paid in November. Management desires to maintain a minimum

cash balance of $$44,000.$

Required:

Prepare a monthly cash budget and supporting schedules for September, October, and November.

Assume $360$ days per year for interest calculations.