1. Prepare a monthly cash budget for Jones Products Inc. for the first six months of 2023 Use the following assumptions to prepare your cash budget: Revenne estimates (in thousands). Purchases of raw materials: 71% of projected following month sales Payment on purchases: 30 days following purchase of materials Otherexpensesanddisbursements(inthousands):Utilities:Wagesandsalaries:Otherfixedexpenses:Interestonbonds(notLOC):Quarterlytaxpayments:Equipmentmaintenance:$8/month$45+2%currentmonthssales$6/month$8.5inMay($0allothermonths)$12/monthinMarandJun($0allothermonths)$35inFeb($0allothermonths) Line-of-credit: $250,000 maximum available credit No maintenance fee 5.50% interest (annual rate, compounded monthly) on ending balance of prior month Other: A minimum cash balance of $60K must be maintained at the end of each month A balance of $47K on the line-of-credit exists at the end of Dec Quarterly dividends of $15K will be paid in Jan and Apr ( $0 all other months) Any cash in excess of $60K at the end of each month will first be used to pay down any existing balance on the LOC, then swept into money market funds. Money market funds will earn 2.1% per annum ( 0.175% per month) 1. Prepare a monthly cash budget for Jones Products Inc. for the first six months of 2023 Use the following assumptions to prepare your cash budget: Revenne estimates (in thousands). Purchases of raw materials: 71% of projected following month sales Payment on purchases: 30 days following purchase of materials Otherexpensesanddisbursements(inthousands):Utilities:Wagesandsalaries:Otherfixedexpenses:Interestonbonds(notLOC):Quarterlytaxpayments:Equipmentmaintenance:$8/month$45+2%currentmonthssales$6/month$8.5inMay($0allothermonths)$12/monthinMarandJun($0allothermonths)$35inFeb($0allothermonths) Line-of-credit: $250,000 maximum available credit No maintenance fee 5.50% interest (annual rate, compounded monthly) on ending balance of prior month Other: A minimum cash balance of $60K must be maintained at the end of each month A balance of $47K on the line-of-credit exists at the end of Dec Quarterly dividends of $15K will be paid in Jan and Apr ( $0 all other months) Any cash in excess of $60K at the end of each month will first be used to pay down any existing balance on the LOC, then swept into money market funds. Money market funds will earn 2.1% per annum ( 0.175% per month)