\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{9}{|c|}{ Eller Asset Management } \\ \hline & \multicolumn{9}{|c|}{ Cash Budget } \\ \hline & & & & & & & & & \\ \hline & & November & December & January & February & March & April & May & June \\ \hline Revenues & & 48,000 & 45,000 & 25,000 & 27,000 & 30,000 & 38,000 & 40,000 & 45,000 \\ \hline Collections: & & & & & & & & & \\ \hline \multicolumn{10}{|l|}{ Cash } \\ \hline \multicolumn{10}{|l|}{ First Month } \\ \hline \multicolumn{10}{|l|}{ Bad Debts } \\ \hline \multicolumn{10}{|l|}{ Total Collections: } \\ \hline \multicolumn{10}{|l|}{ Cash Outflows: } \\ \hline \multicolumn{10}{|l|}{ Clerical Wages } \\ \hline \multicolumn{10}{|l|}{ Sales Commissions } \\ \hline \multicolumn{10}{|l|}{ Partner Salaries } \\ \hline \multicolumn{10}{|l|}{ Rent Expense } \\ \hline \multicolumn{10}{|l|}{ Office Equipment Lease } \\ \hline \multicolumn{10}{|l|}{ Utilities } \\ \hline \multicolumn{10}{|l|}{ Total Outflows: } \\ \hline \multirow{2}{*}{\multicolumn{10}{|c|}{ Beginning Cash Balance }} \\ \hline & & & & & & & & & \\ \hline \multicolumn{10}{|l|}{ Add: Inflows } \\ \hline \multicolumn{10}{|l|}{ Subract: Outflows } \\ \hline \multicolumn{10}{|l|}{ Unadjusted Cash Balance } \\ \hline \multicolumn{10}{|l|}{ Current Borrowing } \\ \hline \multicolumn{10}{|l|}{ Ending Cash Balance } \\ \hline & & & & \multicolumn{6}{|c|}{ Question 1} \\ \hline \multicolumn{10}{|l|}{ Cumulative Borrowing } \\ \hline & & & & & & & & & \\ \hline \begin{tabular}{l} Minimum Cash Balance \\ Minimum Line of Credit \end{tabular} & 10,000 & Question 2 & & & & & & & \\ \hline \end{tabular} Exam-Excel-Spreadsheet.xlsx file. Eller Asset Management has forecasted revenues for the first six months of next year as shown in the following table. You are charged with producing a cash budget for January through June of next year based on the following assumptions: - The firm collects 60% of its sales immediately and 40% one month after the sale. - Wages and benefits paid to clerical personnel will be \$7,000 per month. - Commissions to sales associates average 25% of collectible sales. - Commissions are paid one month after the revenue is earned. - The two partners take a monthly draw of $5,000 per month each ($10,000 total) - Rent expense for their office space is $4,500 per month. - Lease expense for office equipment is $1,800 monthly. - Utilities average $175 per month, except in May and June when they average only \$100. - The partners wish to maintain a minimum cash balance of $10,000. - The December (this year) ending cash balance was \$12,000. Jse the Excel Template provided to answer the following questions. Be sure to ighlight the answers to these questions in the spreadsheet. You must show your alculations by using formulas in your Excel Spreadsheet. 1. Create a cash budget for January to June and determine the firm's ending cash balance in each month. 2. Eller Asset Management is thinking of obtaining a line of credit from their bank. Based on their expectations for the first six months of the year, what is the minimum amount that would be necessary? Round your answer to the nearest $1,000 and ignore interest charges on short-term debt