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:

Line Item Description September October November

Sales $$99,000$ $$126,000$ $$168,000$

Manufacturing costs $42,00054,00060,000$

Selling and administrative expenses $35,00038,00064,000$

Capital expenditures $40,000$

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 $$10,000$ 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 $$38,000,$ marketable securities of $$53,000,$ and accounts receivable of $$110,700($$$23,700$ from July sales and $$87,000$ from August sales$).$ Sales on account for July and August were $$79,000$ and $$87,000,$ respectively. Current liabilities as of September $1$ include $$10,000$ 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 $$15,000$ will be made in October. Bridgeport$$s regular quarterly dividend of $$10,000$ is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $$37,000.$

Required:

Question Content Area

$1.$ Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume $360$ days per year for interest calculations.

I have tried to get help from a tutor at my school, but even he was stumped. I just tried to plug in the formula for this problem from step $1$ of the suggested help from Chegg, but for some reason the numbers are just not adding up$.$ Is there anyone who can help me understand this broken down in more steps?