Cellmor Products is preparing its budget for January, February 1 and March 2021, and has collected and assembled the 2 following information and assumptions for its income 3 statement and cash flow budgets: 4 S Budgeted Sales and Cost of Goods Sold Unit Sales Selling Price, per unit Cost of Goods Sold, per unit Budgeted monthly operating expenses Salaries Expenses Other Fixed Expenses Depreciation Expense Variable Selling Expense January February March April 3,500 3,000 4.200 3,200 $30.00 $30.00 $31,00 $32.00 17.00 17.00 17.00 17.00 $16,000 per month $10,000 per month $2,047 per month 15% of the month's sales $ 66 87 Cash collections of Sales Revenue: 68 Accounts Receivable balance, December 31, 2019 68 Percentage of Sales collected in month of sale 70 Percentage of Sales collected in month following the sale 71 72 73 74 Cash payments on Cost of Goods Sold: Accounts Payable balance, December 31, 2019 75 Percentage of COGS paid for in month incurred 76 Percentage of COGS paid for in following month 77 78 Cash payments on operating expenses 79 80 Other cash flow info: 81 Cash dividends paid per month 82 Equipment purchase for cash 83 Equipment purchase for cash 84 85 $70,000 (all of which is to be collected in January) 45% 55% $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 $4,094 in February 86 Operating Line of Credit: 87 Minimum end of month cash balance desired 88 Annual Interest on borrowed cash $15.000 4% Paid when principle is repaid 89 90 91 Ang amounts borrowed are borrowed at the beginning of the month where borrowing is needed Ang bank loan amounts (and interest] repaid are repaid at the end of the month 92 93 94 Cellmor Products Cash Payments: Operating Expense (excluding any Interest payments) Operating expenses (list in space provided as applicable) Total Cash Payments January 1st Quarter, 2021 February March Total 0 0 0 0 0 0 0 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 1st Quarter, 2021 January February March Total $16,000 Calculate the budgeted Accounts Receivable AND Accounts Payable balances as at the end of March 2021