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, $48,000. b. Budgeted cash receipts from September sales, $257,000. c. Direct materials are purchased on credit. Purchase amounts are August (actual), $74,000; and September (budgeted), $106,000. Payments for direct materials follow: 70% in the month of purchase and 30% in the first month after purchase. d. Budgeted cash payments for direct labor in September, $39,000. e. Budgeted depreciation expense for September, $3,600. f. Budgeted cash payment for dividends in September, $59,000. g. Budgeted cash payment for income taxes in September, $10,900. h. Budgeted cash payment for loan interest in September, $1,900. PTO COMPANY Cash Budget September Beginning cash balance Add: Cash receipts from sales Total cash available $ 0 Less: Cash payments for Direct materials Direct labor Dividends Income taxes Interest on loan Total cash payments 0 Preliminary cash