Help Save & Exit Submit Elis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September April (actual) May (actual) June (forecast) July (Forecast) August (forecast) September (forecast) Sales $350,000 330,000 305,000 305,000 320,000 360,000 Purchases $133,000 123,000 123,000 183,000 203,00 173,000 The company makes 40 percent of its sales for cash and 60 percent on credit Ot the credit sales, 30 percent are collected in the month after the sole and 70 percent are collected two months after. Ells pays for 40 percent of its purchases in the month after purchase and 60 percent two months after Labour expense equals 15 percent of the current month's sales Overhead expense equals 512 300 per month. Interest payments of $31,500 are due in June and September A cash dividend of $51,500 is scheduled to be paid in June tax payments of $25 300 are due in June and September. There is a scheduled capital outlay or $330,000 in September Ellis Electronies' ending cash balance in May is $21.500. The minimum desired cash balance : $16,500 a. Prepare a schedule of monthly cash receipts for June through September Ellis Electronics Cash Receipts Schedule Way ne $ $ April August Septe Sales Credit salas Cash sales SINH a. Prepare a schedule of monthly cash receipts for June through September April Ellis Electronics Cash Receipts Schedule May June $ July August septes 5 Sales Credit sales Cash sales Collections in month after sale Collections second month after sale Total cash receipts > June July August b. Prepare the monthly cash payments for June through September Ellis Electronics Cach ents Schedule April May Purchases $ Payments in the month after purchase Payments second month after purchase Labour expense Overhead Interest payments Cash dividend Taxes Total cash payments $ c. Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired cash balance is $50,300 Excess cash (above $50,300) is used to buy marketable securities Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $16.500) (Do not leave any empty spaces; input ao wherever it is required Negative answers and amounts to be deducted should be indicated by a minus sign) als Klectronics Cash Budget June $ July August September Cash receipts Cash payments Net cash flow Beginning cash balance Cumulative cash balance Monthly borroiding or (repayment) Cumulative loan balance Marketable securities purchased Marketable securities sold Cumulative marketable securities Ending cash balance