Use the following information to prepare the September cash budget for PTO Company. Ignore the "Loan activity" section of the budget.
a. Beginning cash balance, September 1, $48,000.
b. Budgeted cash receipts from September sales, $258,000.
c. Direct materials are purchased on credit. Purchase amounts are August (actual), $78,000; and September (budgeted), $104,000
Payments for direct materials follow: 70% in the month of purchase and 30% in the first month after purchase.
d. Budgeted cash payments for direct labor in September, $38,000.
e. Budgeted depreciation expense for September, $3,800.
f. Budgeted cash payment for dividends in September, $59,000.
g. Budgeted cash payment for income taxes in September, $10,300.
h. Budgeted cash payment for loan interest in September, $1,900.