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: May: Sales 116,000 Manufacturing Costs 49,000 Selling and administrative expenses 34,000 Capital expenditures - June: Sales 143,000 Manufacturing costs 61,000 Selling and administrative expenses 39,000 Capital expenditures - July: Sales 186,000 Manufacturing Costs 67,000 Selling and administrative expenses 41,000 Capital expenditures 45,000 The company expects to sell about 15% of his merchandise for cash of sales account 65% are expected to be collected in the month following the sale and the remainder of the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month which they are incurred and the balance in the following month. Current assets a self May 1 include cash of 44,000 marketable securities of 63,000 and accounts receivable of 134,550 (102,000 from April sales and 32,500 from March sales). Sales on account for March and April were 93,000 and 102,000, respectively l. Current liabilities as of May 1 include 15,000 or accounts payable incurred in April for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $17,000 will be made in June. Sonoma’s regular quarterly dividend of $6,000 is expected to be declared in June and paid in July. Management wants to maintain a minimum cash balance of $34,0000 1. Prepare a monthly cash budget and supporting schedules for May,June, and July. Input all amounts as positive values except overall cash decrease deficiency which should be indicated with a minus sign