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Sonoma Housewares Inc. Cash Budget For the Three Months Ending July $3$:$1$ May June July Estimated cash receipts from: Cash sales $$ Collection of accounts receivable Total cash receipts Estimated cash payments for: Manufacturing costs $[]-)\backslash$geoquad $)$ Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends $)$ S Total cash payments Cash increase or $($decrease$)$ Cash balance at beginning of month Cash balance at end of month Minimum cash balance Excess or $($deficiency$)$ Calculator eBook Show Me How Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: July May June $$86,000$ $$90,000$ $$95,00034,00039,00044,000$ Selling and administrative expenses $15,00016,00022,00080,000$ Sales Manufacturing costs Capital expenditures company expects to sel about $10\%$ of its merchandise for cash. Of sales on account, $70\%$ are expected to be collected in the month following the sale and the remainder the following month $($second month following sale$).$ Depreciation, insurance, and property tax expense represent $$3,500$ of the estimated monthly manufacturing costs. The annual insurance premium paid in November. Of the remainder of the manufacturing costs, $80\%$ are expected to be paid in the month in which they are incurred and the balance in the following month is paid in September, and the annual property taxes are Current assets as of May $1$ include cash of s$33,000,$ marketable securties of $$40,000,$ and accounts receivable of $$90,000($$$72,000$ from April sales and $$18,000$ from March sales$).$ Sales on account for March and April were $$60,000$ and $$72,000,$ respectively. Current I iabilities as of May $1$ paid in cash in the period incurred. An estimated income tax payment of $$14,000$ will be made in June. Sonoma's regular quarterly dividend of $$5,000$ is expected of accounts payable incurred in April for manufacturing costs. All selling and administrative expenses are they are to be deciared in June and paid in July. Manageme nt wants to maintain a minimum cash balance of $$30,000.$ Required: $1.$ Prepare a monthly cash budget and supporting schedules for May, June, and July $2016.$ Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign.Supporting calculations:

Collections of accounts receivable:

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