The controller of Sonoma Housewares Ine. 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 $3,500 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, 604 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 $33,000, marketable secunties of 540,000 , and accounts receivable of $90,000 ( $72,000 from April sales and 518,000 from March males). Sales on account for March and April were $60,000 and \& 2,000 , respectively. Current liabilities as of May 1 include $6,000 of accounts payable incurred ir 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 $14,000 will made in June. Sonomay regular quarterly dividend of $5,000 is expected to be deciared in June and paid in July. Management wants to maintain a minimum cash balanc 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. 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 budget indicates that the minimum cash balance be maintained in July. This situation can be corrected by by the of the marketable securities, if they are held for such purposes. At the end of May and June, the cosh balance will the minimum desired balance