Preparing a Cash Budget La Famiglia Pizzeria provided the following information for the month of October: Sales are budgeted to be $158,000. About 85% of sales is cash; the remainder is on account. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month. Food and supplies purchases, all on account, are expected to be $106,000. La Famiglia pays 25% in the month of purchase and 75% in the month following purchase. Most of the work is done by the owners, who typically withdraw $6,000 a month from the business as their salary. (Note: The $6,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90% of their wages are paid in the month incurred and the remaining 10% in the next month. Utilities average $5,950 per month. Rent on the building is $4,100 per month. Insurance is paid quarterly; the next payment of $1,600 is due in October. September sales were $181,500 and purchases of food and supplies in September equaled $130,000. The cash balance on October 1 is $2,147. Required: If required, round your answers to the nearest dollar. 1.  Calculate the cash receipts expected in October. $fill in the blank 142be8fa304d06e_1 2.  Calculate the cash needed in October to pay for food purchases. $fill in the blank 142be8fa304d06e_2 3.  Prepare a cash budget for the month of October. La Famiglia Pizzeria Cash budget For the month of October Beginning balance $fill in the blank 4bbd73f9cf8cfa5_1 Cash receipts fill in the blank 4bbd73f9cf8cfa5_2 Cash available $fill in the blank 4bbd73f9cf8cfa5_3 Less:   Payments for food and supplies purchases $fill in the blank 4bbd73f9cf8cfa5_4 Owners' draw fill in the blank 4bbd73f9cf8cfa5_5 Workers' wages fill in the blank 4bbd73f9cf8cfa5_6 Utilities fill in the blank 4bbd73f9cf8cfa5_7 Rent fill in the blank 4bbd73f9cf8cfa5_8 Insurance fill in the blank 4bbd73f9cf8cfa5_9 Total disbursements $fill in the blank 4bbd73f9cf8cfa5_10 Ending balance $fill in the blank 4bbd73f9cf8cfa5_11

Preparing a Cash Budget

La Famiglia Pizzeria provided the following information for the month of October:

1. Sales are budgeted to be $158,000. About 85% of sales is cash; the remainder is on account.
2. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month.
3. Food and supplies purchases, all on account, are expected to be $106,000. La Famiglia pays 25% in the month of purchase and 75% in the month following purchase.
4. Most of the work is done by the owners, who typically withdraw $6,000 a month from the business as their salary. (Note: The $6,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90% of their wages are paid in the month incurred and the remaining 10% in the next month.
5. Utilities average $5,950 per month. Rent on the building is $4,100 per month.
6. Insurance is paid quarterly; the next payment of $1,600 is due in October.
7. September sales were $181,500 and purchases of food and supplies in September equaled $130,000.
8. The cash balance on October 1 is $2,147.

Required: