Paid during the month of purchase and the remaining

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paid during the month of purchase, and the remaining 25 percent in the month following purchase.●Hourly wages and fringe benefits, estimated at 30 percent of the current month’s sales, are paid in the month incurred.●General and administrative expenses are projected to be $1,564,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter.Salaries and fringe benefits$320,900Advertising379,100Property taxes137,600Insurance192,800Utilities184,000Depreciation349,600Total$ 1,564,000●Operating income for the first quarter of the coming year is projected to be $327,400. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter.●GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,600.
Don't show me this message again for the assignmentPrepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)Cash Receipts BudgetApril

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