You are the new manager of the local Tronic Electronics store. Top management of Tronic Electronics is convinced that management training should include the active participation of store managers in the budgeting process. You have been asked to prepare a complete master budget for your store for June, July, and August. All accounting is done centrally so you have no expert help on the premises. In addition, tomorrow the branch manager and the assistant controller will be here to examine your work; at that time, they will assist you in formulating the final budget document. The idea is to have you prepare the initial budget on your own so that you gain more confidence about accounting matters. You want to make a favorable impression on your superiors, so you gather the following financial statement and sales data as of May 31, 20X8:

Prepare the cash budget for June, July, and August. Recall that all borrowing and repayments of principal are made in multiples of $1,000. (Complete all answer boxes. Use a minus sign or parentheses for cash outflows and cash deficiencies. Round your answer for Borrowing to the nearest thousand dollars.

Please see additional data. As well as a snip of the info I've gathered so far. I'm stuck.

June July Beginning cash balance 9,900 3,000 Minimum cash balance required 6,900 Available cash balance Cash receipts and disbursements: Collections from customers Payments for merchandise Payments for operating expenses Payments for furniture and fixtures 200,700 (183,600) (72,500) (15,000) Payments for interest Net cash receipts and disbursements (70,400) $ (63.500) Excess (deficiency) of cash before financing Financing i More Info Credit sales are 70% of total sales. Seventy percent of each credit account is collected in the month following the sale and the remaining 30% is collected in the subsequent month. Assume that bad debts are negligible and can be ignored. The accounts receivable on May 31 are the result of the credit sales for April and May (0.30 x 0.70 x $150,000) + (1.0 x 0.70 x $180,000) = $157,500 The policy is to acquire enough inventory each month to equal the following month's projected cost of goods sold. All purchases are paid for in the month following purchase. The average gross profit on sales is 32%. Salaries, wages, and commissions average 24% of sales; all other variable expenses are 1% of sales. Fixed expenses for rent, property taxes, and miscellaneous payroll and other items are $5,000 monthly. Assume that these variable and fixed expenses require cash disbursements each month. Depreciation is $1,200 monthly In June, $15,000 is going to be disbursed for fixtures acquired and recorded in furniture and fixtures in May. The May 31 balance of accounts payable includes this amount. Assume that a minimum cash balance of $3,000 is to be maintained. Also assume that all borrowings are effective at the beginning of the month and all repayments are made at the end of the month of repayment. Interest is compounded and added to the outstanding balance each month, but interest is paid only at the ends of months when principal is repaid. The interest rate is 10% per annum; round interest computations and interest payments to the nearest dollar. Interest payments may be any dollar amount, but all borrowing and repayments of principal are made in multiples of $1,000. Print Done Data Table - X $ Cash Inventory Accounts receivable Net furniture and fixtures 9,900 Recent and Projected Sales 183,600 April 150,000 157,500 May 180,000 49,000 June 270,000 $ Total assets Accounts payable 400,000 July 198,600 August $ 200,000 200,000 150,000 201,400 September Owners' equity Total liabilities $ 400,000 and owners' equities Print Done