7 Marcel 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 Marcel 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.) Marcel Company Cash Budget January, February, and March January February March Total Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance 1: Reference hups. emprod.pearsoncmg.com/api/vi/printacco Cash Receipts from Customers January February March Total Total sales $ 10,800 $ 15,900 $ 12,900 || $ 39,600 January February March Total $ 7,560 1,620 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 $ 1,620 11,130 2,385 $ 2,385 March-Cash sales 9,030 March-Credit sales, collection of March sales in March 1,935 $ 9,180||$ 15.135||$ 13,350 $ 37,665 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 1,935 2: Reference January February March Total Cash Payments Direct Materials: Accounts Payable balance, January 1 $ 0 $ 3,200 January-Direct material purchases paid in February February-Direct material purchases paid in March $ 4,000 0 3,200 4,000 $ 7,200 Total payments for direct materials Direct Labor: 2,500 3,000 4,500 10,000 Total payments for direct labor 450 450 900 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 3,000 3,000 3,000 450 450 3,900 Selling and Administrative Expenses: Utilities for office 510 510 1,020 1,200 1,200 Property taxes on office Office salaries Total payments for Selling and Admin. expenses 4,500 4,500 13,500 4,500 5,010 5,700 5,010 15,720 $ 11,200 $ 11,660 $ 13,960 $ 36,820 Total cash payments Acccount balances, March 31: Prepaid Property Taxes $ 3,150 4.400 Accounts Payable Utilities Payable $ $ 960 3: More Info Marcel's beginning cash balance is $3,000 and Marcel desires to maintain a minimum ending cash balance of $3,000. Marcel 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 11% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month