Cellmor Products is preparing its budget for January, February and March 2021, and has collected and assembled the following information and assumptions for its income statement and cash flow budgets: January February March April In the areas provided, prepare Cellmor's budgeted schedules. Some of the year total amount cells already have calculations. Please ensure you complete any missing "total" amounts where necessary. Marks are based on arriving at correctly calculated amounts. Cell referencing is, as always, encouraged. Budgeted sales and cost of goods sold: Unit Sales 3,500 3,000 Selling Price, per unit $30.00 $30.00 4,200 $31.00 3,200 $32.00 Cost of Goods Sold, per unit $17.00 $17.00 $17.00 $17.00 Sales Budgeted monthly operating expenses: Salaries Expenses Other Fixed Expenses Depreciation Expense Variable Selling Expense Cash collections of sales revenue: $16,000 per month $10,000 per month $2,049 per month 15% of the month's sales $ Accounts Receivable balance, December 31, 2019 $70,000 Percentage of Sales collected in month of sale 45% Percentage of Sales collected in month following the sale 55% (all of which is to be collected in January) Cost of Goods Sold Gross Margin Salaries Expenses Other Fixed Expenses Depreciation Expense Variable Selling Expense Total Operating Expense Operating Income provide line item descriptions... Cellmor Products Budgeted Income Statement (Partial) 1st Quarter, 2021 January February March Total Cellmor Products Schedule of Budgeted Cash Collections January 1st Quarter, 2021 February March Total 0 Cash collections of sales revenue: Accounts Receivable balance, December 31, 2019 Percentage of Sales collected in month of sale $70,000 (all of which is to be collected in January) 45% Percentage of Sales collected in month following the sale 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 $45,000 25% (all of which is to be paid in January) of COGS 75% of COGS Cash payments on operating expenses: Other cash flow information: Cash dividends paid per month Equipment purchase for cash Equipment purchase for cash provide line item descriptions... Total Cash Collections Paid for (as applicable) in the month incurred $2,000 per month $12,000 in January $4,098 in February Cellmor Products Schedule of Budgeted Cash Collections January 1st Quarter, 2021 February March Total 0 0 0 ooo ooo0 Cellmor Products Schedule of Cash Payments: Cost of Goods Sold January 1st Quarter, 2021 February March Total provide line item descriptions... Operating Line of Credit: Minimum end of month cash balance desired Annual Interest on borrowed cash $15,000 4% paid when principal is repaid Total Cash Payments - COGS 0 0 0 0 0 0 0 ooooooo 4% paid when principal is repaid Operating Line of Credit: Minimum end of month cash balance desired Annual Interest on borrowed cash $15,000 Any amount can be borrowed and if so, is borrowed at the beginning of the month where borrowing is needed. Any loan repayments (and interest) are repaid at the end of the month where applicable. Total Cash Payments - COGS Cellmor Products Schedule of Cash Payments: Operating Expenses 0000 January 1st Quarter, 2021 February March Total List operating expenses in space provided, as applicable: Total Cash Payments - Operating Cellmor Products Cash Budget 0 0 0 oooooo 0 0 0 0 Cellmor Products Schedule of Cash Payments: Operating Expenses January 1st Quarter, 2021 February March Total List operating expenses in space provided, as applicable: Total Cash Payments - Operating Cash balance, beginning Add cash collections Total cash available Less cash payments: Cost of Goods Sold Operating Expenses Total cash payments Cellmor Products Cash Budget January 1st Quarter, 2021 February March Total $16,000 0 0 0 0 0 0 Cash balance, beginning Add cash collections Total cash available Less cash payments: Cost of Goods Sold Operating Expenses Total cash payments Excess (deficiency) of cash Financing: Borrowing Repayments Interest Total financing Cash balance, ending Cash Budget January 1st Quarter, 2021 February March Total $16,000 Calculate the budgeted Accounts Receivable AND Accounts Payable balances as at March 31, 2021: 31-Mar-21 Accounts Receivable Accounts Payable