Use the following information to prepare the September cash budget for PTO Company. Ignore the "Loan activity" section of the budget. a. Beginning cash balance, September 1, $40,000. b. Budgeted cash receipts from September sales, $255,000. c. Direct materials are purchased on credit. Purchase amounts are August (actual), $80,000; and September (budgeted), $110,000. Payments for direct materials follow: 65% in the month of purchase and 35% in the first month after purchase. d. Budgeted cash payments for direct labor in September, $40,000. e. Budgeted depreciation expense for September, $4,000. f. Budgeted cash payment for dividends in September, $20,000. g. Budgeted cash payment for income taxes in September, $10,000. h. Budgeted cash payment for loan interest in September, $1,000. Answer is not complete. PTO COMPANY Cash Budget September Beginning cash balance $ 40,000 Add: Cash receipts from sales 255,000 Total cash available 295,000 Less: Cash payments for Direct materials Income taxes Interest on loan Total cash payments Ending cash balance 0 $ 295,000