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. PTO COMPANY Cash Budget Beginning cash balance. Total cash available September Total cash payments Ending cash balance 0 $ 0