The Seattle Umbrella Company actual sales and purchases for April and May are shown here along with forecasted sales and purchases for June through September. Sales $350,000 $145,000 325,000 305,000 305,000 310,000 225,000 360,000 Purchases April (actual) May (actual) June (forecast) July (forecast) Aug (forecast) Sep (forecast) 135,000 135,000 200,000 195,000 Seattle sells 12% of its umbrellas for cash and 88% on credit. Of the credit sales, 15% are collected in the month after the sale and 85% are collected two months later. Seattle pays for 30% of its purchases in the month after purchase and 70% two months after. Labor expense is 1 5% of the current month's sales. Overhead expense is $14,000/mo. Interest payments of $35,000 are due in June and September. A cash dividend of $60,000 is scheduled to be paid in June. Tax payments of $30,000 are due in June and September. There is a scheduled capital outlay of $350,000 in September. Seattle's ending cash balance in May is $25,000. The minimum desired cash balance is $10,000. Prepare a monthly Cash Receipts Schedule, monthly Cash Payments Schedule, and a monthly Cash Budget with borrowing and repayments for June through September. The maximum desired cash balance is $40,000. Excess cash (above $40,000) is used to buy marketable securities. Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $10,000). Complete the Monthly Cash Receipts, Monthly Cash Payments, and Monthly Cash Flow/Budget schedules for Seattle given below