Cellmor Products is preparing its budget for Januar and March 2021, and has collected and assembled following information and assumptions for its incom statement and cash flow budgets: Budgeted Sales and Cost of Goods Sold January February March April Unit Sales Selling Price, per unit Cost of Goods Sold, per unit 3,500 3,000 4,200 3,200 $30.00 $30.00 $31.00 $32.00 17.00 17.00 17.00 17.00 Budgeted monthly operating expenses Salaries Expenses $16,000 per month $10,000 per month Other Fixed Expenses Depreciation Expense Variable Selling Expense $2,048 per month 15% of the month's sales $ Cash collections of Sales Revenue: Accounts Receivable balance, December 31, 2019 Percentage of Sales collected in month of sale Percentage of Sales collected in month following the sale $70,000 (all of which is to be collected in January) 45% 55% Cash payments on Cost of Goods Sold: Accounts Payable balance, December 31, 2019 Percentage of COGS paid for in month incurred Percentage of COGS paid for in following month Cash payments on operating expenses Other cash flow info: Cash dividends paid per month Equipment purchase for cash Equipment purchase for cash $45,000 (all of which is to be paid in January) 25% of COGS 75% of COGS Paid for (as applicable) in the month incurred $2,000 per month $12,000 in January $4,097 in February Operating Line of Credit: Minimum end of month cash balance desired Annual Interest on borrowed cash $15,000 4% Paid when principle is repaid Any amounts borrowed are borrowed at the beginning of the month. There is no minimum borrowing increments. Any bank loan amounts (and interest) repaid are repaid at the end of the month REQUIRED: In the areas provided, prepare Cellmor's budgeted schedules. Some of the year total amounts cells already have calculations. Please ensure you complete any schedule's "total" amounts as and where necessary. Marks are based on arriving at correctly calculated amounts. Cell referencing is, as always, encouraged. Cellmor Products Budgeted Income Statement (Partial) Sales Cost of Goods Sold Gross Margin Salaries Expenses Other Fixed Expenses Depreciation Expense Variable Selling Expense Operating Income provide line item descriptions... Total Cash Collections provide line item descriptions... Total Cash Payments January 1st Quarter, 2021 February March Total Cellmor Products Schedule of Budgeted Cash Collections January 1st Quarter, 2021 February March Total Cellmor Products Cash Payments: for Cost of Goods Sold 1st Quarter, 2021 January February March Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cellmor Products Cash Payments: Operating Expense (excluding any Interest payments) 1st Quarter, 2021 January February March Total Operating expenses (list in space provided, as applicable) Total Cash Payments Cash balance, beginning Add Cash Collections Total cash available Less Cash Payments: Cost of Goods Sold Operating Expenses Others (list in the space provided as applicable): Total Payments Excess (deficiency) Financing: Borrowing Repayments Interest Cash balance, ending Cellmor Products Cash Budget January 1st Quarter, 2021 February March Total $16,000 Calculate the budgeted Accounts Receivable AND Accounts Payable balances as at the end of March 2021 Accounts Receivable Accounts Payable 31-Mar-21 0 0 0 0 0 0