Cassie\'s Cupboard is a retail store that handles a variety of hardware and hous

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Cassie's Cupboard is a retail store that handles a variety of hardware and housewares. Cassie, the owner, is eager to prepare the budget for the last quarter of the year because that is when her sales are the highest. As with any retail store. Cassie will have to purchase her inventory before selling it and this means an outlay of cash to buy the inventory before she gets the cash back from the sale. This year, Cassie may have to borrow some money to finance her inventory purchases. In addition, she plans to purchase equipment in October for $19,500 cash. In December. Cassie plans to pay her shareholders a total cash dividend of $4,000. When Cassie's Cupboard needs cash, the borrowing occurs at the end of the month. When cash is available for repayment of debt, repayment occurs at the end of a month. The company also pays interest in cash at the end of every month at an annual rate of 12% on the amount of note payable outstanding during that month. Below is data you will need to prepare the budget for October. November and December: Cassie's Cupboard Budgeted Balance Sheets as of the Ends of October-December. 2011

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