You are responsible for preparing a cash budget for Country Qullts and have collected the following detalls:Prepare a schedule of expected cash disbursements during September for merchandise purchases.Prepare a cash budget for September. Indicate in the financing section any borrowing that will be needed during the month.

Assume that any interest will not be paid until the first day of the following month.

a$.$ The cash balance on September $1$ is $$46,000$

b$.$ Actual sales for July and August and budgeted sales for September are shown below. Sales on account are collected over a three$-$

month period as follows: $20\%$ collected in the month of sale, $60\%$ collected in the month following sale, and $20\%$ collected in the

second month following sale. The company's bad debts are negliglble.

c$.$ Purchases of Inventory will total $$352,000$ for September. Forty percent of a month's inventory purchases are pald during the

month of purchase. The accounts payable remaining from August's inventory purchases total $$209,000,$ all of which will be paid in

September.

d$.$ Selling and administrative expenses are budgeted at $$505,000$ for September. Of this amount, $$60,700$ is for depreciation and

$$550$is for property taxes.

e$.$ Annual property taxes of $$102,000$ will be paid during September.

f$.$ The company maintains a minimum cash balance of $$20,000.$ An open Ine of credit is avallable from the company's bank to bolster

the cash position as needed. All borrowing occurs at the beginning of a month.

Required:

Prepare a schedule of expected cash collections for September.