#4 Problem - Budgeted Balance Sheet Using the data below, determine "cash" reported the budgeted balance sheet for 2017. Each correct answer is worth 1.5_point(s). Cash balance on January 1, 2017 $20,000 Forecasted sales for 2017 $700,000 Portion of forecasted sales will be on credit 80% Portion of credit sales to be collected in 2017 70% Prior year accounts receivables expected to be collected in 2017 $12,000 One required principal payment due on December 31, 2017. $20,000 One required interest payment due on December 31, 2017 based upon the outstanding loan balance of $120,000 at the end of December 31, 2017. Interest rate on loan is 10%. Cash Budget Accounts receivable collected 1. Cash Sales 2. Credit Sales 3. Loan payment 4. Interest payment 5. 6. Net increase in cash Add: beginning cash balance Ending cash balance 20,000 7