The controller of Sonoma 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 15% of its merchandise for cash. of sales on account, 60w are expected to be collected in the minth following the sale and the remainder the following thonth (second month following sale). Depreciation, insurance, and property tax expeinsa reprenert s7, oag of the entimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November, af the remainder af the manufacturing costs, 85% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of May 1 include cash of $35,000, marhetable securities of $49,000, and accounts receivable of 5109,200 (580,000 trom April sales and 329,200 from March sales). Sales on account for March and April were $73,000 and 560,000 , respectively. Current liatilicios as at May 1 include \$11,000 of accounts payable incurred in April for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of 514,000 wil be made in June. Sonomar's regular quatterty dividend of 57 , 000 is expected to be dedared in June and paid in July, Management wants to maintain a minimum cash balance of $27,000. Required: 1. Prepare a monthly cash budget and supporting schedules for Mary, Junt, and Juhy, Ingutall amounts as positive volues except overall casti decrease and deficiency which should be ind cated with a minus 5ig0. Sonoma Housewares inc. 1. Prepare a monthly cash budget and supporting schedules for May, June, and July. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. 2. The budqet indicates that the minimum cash balance be maintained in July, This situation can be corrected by and/or by the of the marketable securities, if they are hald for such purposes. At the end of May and June, the cash balance will the minimum desired balarce