All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected in the following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $85,000; accounts receivable, $205,000; and accounts payable, $74.000. .Sophisticates, Inc., maintains a $85,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time. Additional data Sales revenue $530,000 $620,000 $635,000 350,000 380,000 500,000 Cash operating costs 101,000 80,000 143,000 Proceeds from sale of equipment Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through March. Collection of accounts receivable Collection of February Sale of equipment 2. Prepare a schedule that discloses the firm's total cash disbursements for January through March. Payment of accounts Payment of January urchases Payment of February urchases Payment of March Cash operating costs 3. Prepare a schedule that discloses the firm's cash needs, if any, for January through March. Beginning cash balance Total recei Subtotal Less: Total disbursements Cash excess (deficiency) before financi Financing Borrowing to maintain S85,000 balance Loan interest paid Ending cash balance