Armand Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the additional information.) (Click the icon 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 a cash deficiency with a minus sign or parentheses.) Beginning cash balance Cash receipts Cash available Cash payments: Purchases f 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 More info Armand Company Reference Cash Budget January, February, and March Cash Receipts from Customers January Armand's beginning cash balance is $9,000 and Armand desires to maintain a minimum ending cash balance of $9,000. 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 16% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Print Done Total sales Cash Receipts from Customers: - X Reference January February March Total Cash Payments January February March Total Direct Materials: 11,500 $ 12,300||$ 16,300||$ 40,100 Accounts Payable balance, January 1 $ 0 January February March Total January-Direct material purchases paid in February February-Direct material purchases paid in March $ 4,000 4,000 0 4,000 4,000||$ 8,000 Accounts Receivable balance, January 1 January-Cash sales $ 9,200 January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales 1,150 $ 1,150 9,840 1,230 Total payments for direct materials Direct Labor: Total payments for direct labor 3,100 3,000 4,500 10,600 February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales Manufacturing Overhead: 1,230 850 850 Utilities for plant 1,700 13.040 Property taxes on plant 1,200 1,200 March-Credit sales, collection of March sales in March 1.630 Total payments for manufacturing overhead 1,200 850 850 2,900 10,350 $ 12,220 15,900 $ 38,470 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April S 1,630 Print Done Selling and Administrative Expenses: Utilities for office 550 550 1,100 Property taxes on office 1,920 1,920 Office salaries 6,500 6,500 6,500 Total payments for Selling and Admin. expenses 8,420 7,050 7,050 19,500 22,520 12,720 14,900 $ 16,400 $ 44,020 Total cash payments Acccount balances, March 31: Prepaid Property Taxes $ 2,340 Accounts Payable $ 4,100 Utilities Payable $ 1,400 Print Done