Use the following information to prepare the September cash budget for PTO Company. Ignore the Loan activity section of the budget.

1. Beginning cash balance, September 1, $49,000.

2. Budgeted cash receipts from September sales, $256,000.

3. Direct materials are purchased on credit. Purchase amounts are August (actual), $73,000; and September (budgeted), $103,000. Payments for direct materials follow: 70% in the month of purchase and 30% in the first month after purchase.

4. Budgeted cash payments for direct labor in September, $33,000.

5. Budgeted depreciation expense for September, $3,900.

6. Budgeted cash payment for dividends in September, $54,000.

7.Budgeted cash payment for income taxes in September, $10,500.

8.Budgeted cash payment for loan interest in September, $2,000.