Budgeted Sales and Cash Pmt for Merchandise for 1st quarter 2021 for Artz. Co is provided below: January Budgeted Sales S Budgeted Pmts for merchandise Merchandise Inventory $ Shipping $ February 110,000 $ March 99,000 $ 106,000 48,000 S 5,000 $ 36,000 $ 4,200 $ 41,000 4,800 of total sales that is cash sales of total sales that is NR 25% 75% A/R collection in the month of the sale A collection in the month following the sale 40% 60% Balances for relevant accounts on Dec 31, 2020 Cash Accounts Receivables 15,000 24,000 Loan Payableto banks 5,000 amounts can only be borrowed from the bank in increments of $1,000 Montly operating expenses paid in the month incurred Sales commission of sales Office Salaries Rent 15% 25,000 9,000 Minimum required ending cash balance s Montly interest rate on beginning of month loan balance 15,000 2.5% Required Prepare a cash receipts budget forway, Februwy, and March for Arte Co Grace number of formula entry Grecis formula het terence Blues Formula Tangerine cells sheetdence/Cellerance Prepare a Cashbudget for each month January February, and more for Artico. Greences formula se reference Blues Formula Tangerine cells the reference/cell reference you should combine merchandise payments into one group in cash bude Instructions Cash Receipts Budget Cash Budget + Artz. Co. Cash Receipts Budget For July, August, and September January February March Cash Sales Collections of prior month's receivables Collections of current month's receivables Total cash receipts Artz. Co Cash Budget For January, February, and March January February March Beginning cash balance Cash receipts Total cash available Payments for Merchandise Sales commissions Office salaries Rent Interest on bank loan January February March Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance Loan balance, and of month