7. Carmen Company has prepared the following schedules and additional information (Click the icon to view the cash receipts schedule.) 2(Click the icon to view the cash payments schedule.) (Click the icon to view the additional information) Complete a cash budget for Carmen Company for January February and March (Complete all input fields. Enter a "O" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) March Total Carmen Company Cash Budget January, February, and March January February Beginning cash balance $ 9,000 $ 9,830 Cash receipts 12.150 10.530 Cash available 21,150 20,360 Cash payments Purchases of direct materials 0 3,700 Direct labor 2,700 3,600 Manufacturing overhead 1,440 950 Selling and administrative expenses 8,180 6,740 0 0 Interest expense 12,320 14990 Total cash payments 8,830 240 Ending cash balance before financing (9.000) (9,000) Minimum cash balance desired (170) -8760 Projected cash excess (deficiency) Financing Borrowing 1,000 0 Principal repayments 1,000 Total effects of financing $ 9.830 Ending cash balance $ 1: Reference apter Master Budgets-Magielette Hudson Cash Receipts from Customers February March January Total 11,100 $ $ 34.800 10,200 $ 13,500 $ Total sales March Total January February $ 10,800 1,350 $ 1,350 Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales 8,160 1,020 $ 1,020 8,880 1,110 March-Credit sales, collection of March sales in March 33,690 11,010 $ $ 12,150 $ 10,530 $ Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 1,110 2: Reference March Total January February Cash Payments Direct Materials: $ 0 Accounts Payable balance, January 1 $ 3,700 $ 3,900 January-Direct material purchases paid in February February-Direct material purchases paid in March 0 3,700 7,600 3,900 $ Total payments for direct materials Direct Labor: 2,700 3,600 4,400 10,700 Total payments for direct labor 3/5/2021, 12:27 Manufacturing Overhead: Utilities for plant 950 950 1,900 Property taxes on plant 1.440 1,440 Total payments for manufacturing overhead 1,440 950 950 3,340 Selling and Administrative Expenses: Utilities for office 240 240 480 Property taxes on office 1.680 1.680 Office salaries 6,500 6,500 6,500 19,500 Total payments for Selling and Admin. expenses 8,180 6,740 6,740 21,660 $ 12,320 $ 14,990 $ 15,990 $ 43,300 Total cash payments $ 2.340 Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable $ 4,300 $ 1,190 3: More Info Carmen's beginning cash balance is $9,000 and Carmen desires to maintain a minimum ending cash balance of $9.000. Carmen borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 10% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month