Class Review Bain Town Scullers has projected the following for the 1st quarter of 2015: Estimated Cash Receipts: Accounts receivable, 1/1/2015 $370,000 January February March Budgeted sales $1,080,000 $1,240,000 $970,000 Bain Town Scullers expects to sell 10% of its budgeted sales for cash. Of the remaining sales (90% of budget), 60% are expected to be collected in the month of sale and the remainder the following month. Estimated Cash Payments: Accounts payable, 1/1/2015 $190,000 January February March Manufacturing costs $1,080,000 $1,240,000 $970,000 Selling & Admin. Expenses 160,000 165,000 145,000 Depreciation expense on machines is estimated to be $24,000 per month and is included in the manufacturing costs. The accounts payable were incurred for manufacturing costs. Bain Town Scullers expects to pay 75% of its manufacturing costs in the month in which they were incurred and the remaining balance the following month. Selling & Admin. expenses are paid in the month incurred. Additional data Cash balance on 1/1/2015 $280,000 Quarterly taxes paid on March 31 150,000 Quarterly interest expense paid on January 10 22,500 Quarterly interest revenue received on March 21 24,500 Purchased a machine in February 274,000 Minimum cash balance desired 340,000 Prepare a Cash Budget for the quarter ending 3/31/2015