3 011316 Print ferences On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management Month January February March April May Credit Sales $300,000 (actual) 400,000 (actual) 440,000 (estimated) 754,000 (estimated) 800,000 (estimated) The company's collection activity on credit sales historically has been as follows: Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts 50% 30 15 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter Required: Compute Spicer's budgeted cash balance at the ends of March, April, and May. Beginning Cash Collections on January Sales Collections on February Sales Collections on March Sales Collections on April Sales Collections on May Sales Total Cash Available Less: Expenditures Ending Cash Balance March April May 0$ 0 $ 0