The controller of Fleet Shoes Inc

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The controller of Fleet Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: (attached)The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $10,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, 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 in which they are incurred and the balance in the following month.Current assets as of June 1 include cash of $48,000, marketable securities of $65,000, and accounts receivable of $168,000 ($124,000 from May sales and $44,000 from April sales). Sales on account in April and May were $110,000 and $124,000, respectively. Current liabilities as of June 1 include a $65,000, 8%, 90-day note payable due August 20 and $8,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. It is expected that $4,000 in dividends will be received in June. An estimated income tax payment of $18,000 will be made in July. Fleet Shoes' regular quarterly dividend of $8,000 is expected to be declared in July and paid in August. Management desires to maintain a minimum cash balance of $45,000.Prepare a monthly cash budget and supporting schedules for June, July, and August 2012. Enter all amounts as positive number except for Cash (decrease) and (deficiency). Use the minus sign to indicate an overall cash decrease and deficiency. Assume 360 days per year for interest calculations. In this cash budget, it should include, Cash sales,Collection of accounts receivable ,Dividends ,Total cash receipts, Estimated Cash payments should include Manufacturing costs ,Selling and administrative expenses, and capital expenditures,Other purposes should include: Note payable (including interest),Income tax ,Dividends , and total cash payments,Cash increase or (decrease),Cash balance at beginning of month,Cash balance at end of month,Minimum cash balance and Excess or (deficiency) for each month of June, July, August.