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:

	May		June		July
Sales	$127,000		$164,000		$203,000
Manufacturing costs	53,000		71,000		73,000
Selling and administrative expenses	37,000		44,000		45,000
Capital expenditures	_		_		49,000

The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% 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 $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. 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 May 1 include cash of $48,000, marketable securities of $69,000, and accounts receivable of $146,700 ($111,000 from April sales and $35,700 from March sales). Sales on account for March and April were $102,000 and $111,000, respectively. Current liabilities as of May 1 include $12,000 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 $20,000 will be made in June. Sonomas regular quarterly dividend of $8,000 is expected to be declared in June and paid in July. Management wants to maintain a minimum cash balance of $37,000.

Required:

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.

Can anyone help with this? I have filled in all the boxes that the program is telling me are correct. For some reason, I cannot get the collection of accounts receivable costs to come out correctly.

Sonoma Housewares Inc.
Cash Budget
For the Three Months Ending July 31
	May	June	July
Estimated cash receipts from:
Cash sales	19050	24600	30450
Collection of accounts receivable	107850
Total cash receipts	126900
Estimated cash payments for:
Manufacturing costs	48000	59400	64600
Selling and administrative expenses	37000	44000	45000
Capital expenditures			49000
Other purposes:
Income tax		20000
Dividends			8000
Total cash payments	85000	123400	166600
Cash increase or (decrease)	41900
Cash balance at beginning of month:	48000	89900
Cash balance at end of month	89900
Minimum cash balance	37000	37000	37000
Excess (deficiency)	52900