Armand Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) i (Click the icon to view the additional information.) (Click the icon to view the cash payments schedule.) Complete a cash budget for Armand Company for January, February and March. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter Reference Beginning cash balance Cash receipts Cash available Armand Company Cash Budget January, February, and March January Reference Cash Receipts from Customers 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 Total sales Cash Receipts from Customers: Ending cash balance Cash Payments Direct Materials: January February March Total Accounts Payable balance, January 1 0 JanuaryDirect material purchases paid in February $ 3,200 FebruaryDirect material purchases paid in March $ 0 3,200 4,000 4,000||$ 7,200 Total payments for direct materials January February March Total Direct Labor: $ 11,200||$ 11,600||$ 14,100||$ 36,900 Total payments for direct labor January February March Total 2,600 3,700 4,300 10,600 Accounts Receivable balance, January 1 January-Cash sales $ 7,840 January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales 1,680 Manufacturing Overhead: Utilities for plant 640 640 1,280 Property taxes on plant 2,400 2,400 Total payments for manufacturing overhead 2,400 640 640 3,680 1,680 8,120 Selling and Administrative Expenses: February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March 1,740 Utilities for office $ 1,740 Property taxes on office March-Cash sales 9,870 Office salaries March-Credit sales, collection of March sales in March $ 9.520||$ 11,540||$ 2,115 13,725 $ Total payments for Selling and Admin. expenses 650 650 1,300 2,160 2,160 3,500 3,500 3,500 10,500 5,660 4,150 4,150 13,960 34,785 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 2,115 More info Armand's beginning cash balance is $4,500 and Armand desires to maintain a minimum ending cash balance of $4,500. Armand 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 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. $ 10,660||$ 11,690||$ 13,090||$ 35,440 Total cash payments Acccount balances, March 31: Prepaid Property Taxes $ 3,420 Accounts Payable $ 4,400 Utilities Payable $ 1,290 Print Done