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, $47,000. b. Budgeted cash receipts from September sales, $260,000. c. Direct materials are purchased on credit. Purchase amounts are August (actual), $77,000, and September (budgeted), $100,000. 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, $36,000. e. Budgeted depreciation expense for September, $3,900. f. Budgeted cash payment for dividends in September, $54,000. g. Budgeted cash payment for income taxes in September, $10,600. h. Budgeted cash payment for loan interest in September, $1,900. PTO COMPANY Cash Budget September Beginning cash balance S 47,000 Add: Cash receipts from 260,000 sales Total lable $ 307,000 Less: Cash payments for Direct materials Direct labor Dividends Income taxes Interest on loan Total cash payments Preliminary cash balance 0 $ 307,000 Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 157,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense Information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 99% of sales dollars $44.000 per quarter $ 554000 per quarter $279.000 per quarter $ 139,000 per quarter 1.25% quarterly on $290.000 note payable 4070 Prepare a budgeted income statement for the first quarter ended March 31. (Round your Intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0 $ 0