Actual sales in November and December 2017 were $375,000 and 266,667, respectively. Sixty percent of sales are on credit. The firm collects 60% of these credit sales during the first after the sale and the remainder during the following second month. Purchases constitute 60% of the next months sales. The company pays 50% during the first month after the purchase was made and the remainder in the next month. Wages, taxes and other expenses are expected to be 30% of forecasted sales. A major capital expenditure of $70,000 is expected in March. Interest payments are expected to be $30,000 every month and the company needs a minimum cash balance of $25,000. The beginning cash balance is $30,000.

1) Using the Bithlo Barbecues simple cash budget example from Chapter 4, help the financial staff of Precise Speed Inc., to prepare their cash budget for January to June 2018.

Using info above, please use Excel below to fill in the info USING FORMULAS AND NOT JUST ANSWER (so I can understand)

November December January February March April May June July Sales Collections: Cash First Month Second Month Total Collections Purchases Payments: First Month Second Month Total Payments Collections Less Disbursements: Inventory Payments Wages, taxes and other exp. Interest payments Capital Spenditure Total Disbursements Beginning Cash Balance Collections - Disbursements Unadjusted Cash Balance Current Borrowing Ending Cash Balance Cumulative Borrowing Notes: Minimum Acceptable Cash Maximum Acceptable Cash Borrowing Rate (Annual) Lending Rate (Annual) 8% Monthly Monthly November December January February March April May June July Sales Collections: Cash First Month Second Month Total Collections Purchases Payments: First Month Second Month Total Payments Collections Less Disbursements: Inventory Payments Wages, taxes and other exp. Interest payments Capital Spenditure Total Disbursements Beginning Cash Balance Collections - Disbursements Unadjusted Cash Balance Current Borrowing Ending Cash Balance Cumulative Borrowing Notes: Minimum Acceptable Cash Maximum Acceptable Cash Borrowing Rate (Annual) Lending Rate (Annual) 8% Monthly Monthly