Requirements: Empty grey boxes under Supporting Calculations. Kindly provide answer in the same format. Thank you

Obj. 5 The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: $20 VE AOW EXCEL TEMPLATE Sales Manufacturing costs. Selling and administrative expenses Capital expenditures September October November $250.000 $300,000 $315,000 150.000 180,000 185,000 62.000 48.000 51,000 200.000 > The company expects to sell 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 $50,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December: 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. Current assets as of September 1 include cash of $40,000, marketable securities of $75,000, and accounts receivable of $300,000 (560,000 from July sales and $240,000 from August sales). Sales on account for July and Augist were $200.000 and $240.000 The company expects to sell 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 $50,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. 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. Current assets as of September 1 include cash of $40,000, marketable securities of $75,000, and accounts receivable of $300,000 ($60,000 from July sales and $240,000 from August sales). Sales on account for July and August were $200,000 and $240,000, respectively. Current liabilities as of September 1 include $40,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $55,000 will be made in October Bridgeport's regular quarterly dividend of $25,000 is expected to be declared in October and paid in November: Management desires to maintain a minimum cash balance of $50,000. Instructions 1. Prepare a monthly cash budget and supporting schedules for September, October, and November: AER + C D F H K 13 14 1. 15 16 17 18 November 19 20 21 $ 31,500 2,56,500 $ 2,88,000 22. 23 24 Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October Estimated cash receipts from: Cash sales $ 25,000 $ 30,000 Collections from accounts receivable 2,28,000 2,29,500 Total cash receipts $ 2,53,000 $ 2,59,500 Estimated cash payments for Manufacturing costs $ 1,20,000 $ 1,24,000 Selling and administrative expenses 42,000 48,000 Capital expenditures Other purposes: Income tax 55,000 Dividends Total cash payments $ 1,62,000 $ 2,27,000 Cash increase (decrease) $ 91,000 $ 32,500 Cash balance at beginning of month 40,000 1,31,000 Cash balance at end of month $ 1,31,000 $ 1,63,500 Minimum cash balance (50,000) (50,000) Excess (deficiency) $ 81,000 $ 1,13,500 $ 1,34,000 51,000 2,00,000 25 26 27 28 29 30 31 32 33 $ 25,000 $ 4,10,000 $ (1,22,000) 1,63,500 $ 41,500 (50,000) S (8,500) 34 35 36 37 38 A B D E F H K M Supporting calculations: 37 38 39 40 41 42 43 Collections of accounts receivable: Sales on Account Percentage October November September 60,000 $ $ $ 44 45 46 47 48 July sales August sales: Collected in September Collected in October September sales: Collected in October Collected in November October sales Totals 49 50 51 52 53 54 55 56 57 Payments for manufacturing costs: Costs on Account Percentage Payments 58 59 60 1,00,000 80% Paid in September: Incurred in August Incurred in September Total Paid in October: Incurred in September Incurred in October Pr. 2107)-4A $ 40.000 80.000 $ 1.20.000 61 $ 62 63 1,00.000 1.30.000 20% 80% 20.000 1,04,000 B E H 1 K M Collected in September Collected in October September sales: Collected in October Collected in November October sales Totals Payments for manufacturing costs: Costs on Account Percentage Payments 1,00,000 80% $ 40,000 80,000 $ 1,20,000 Paid in September: Incurred in August Incurred in September Total Paid in October: Incurred in September Incurred in October Total Paid in November Incurred in October Incurred in November Total 1,00,000 1,30,000 20% 80% GA 20.000 1,04,000 $ 1,24,000 GA 1,30,000 1,35,000 20% 80% 26,000 1,08,000 $ 1.34,000