8. Minim Co. wants a cash budget for March. On March 31, a $100,000 note payable will become due, together with $250 of accumulated interest. Accounts payable on March 1 were $400,000, and accounts receivable were $600,000. All accounts payable are paid after 30 days. Typically, 60% of customers are cash customers or debit transactions, which are effec- Lively cash sales, and 40% are credit sales. Of the credit sales, hall are with credit cards, and the company receives the money about a week after the sale; the other hall are on the Minim Co.'s own card, which are all collected after one month. The company sells jeans and similar leisurewear. The cost of the products is marked up by 75% to get the selling price. Each month Minim Co. plans to have enough inventory to cope with the follow- ing month's sales demand. One month's credil is taken on all goods purchased. Expenses are all fixed and amount to $70,000 per month, of which $10,000 is depreciation. Sales are expected to be $500,000 per month for January, Febru- ary, and March The owner of the company will withdraw $5,000 per month for living expenses. In February the company expects to purchase a new delivery van for $100,000. The cash balance at the beginning of March will be $2,500. Required Prepare a cash budget for March