Complete a cash budget for Elwood Company for January, February and March. (Complete all input fields. Enter a "0" for any to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Elwood Company Cash Budget January, February, and March January Beginning cash balance $ 5,000 11200 Cash receipts Cash available Cash payments: Purchases of direct materials 0 Direct labor 2,700 3,600 Manufacturing overhead Selling and administrative expenses 8,660 Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired (5,000) Projected cash excess (deficiency) Financing: Borrowing 0 Principal repayments Total effects of financing Ending cash balance B (similartal Que Reference X y has pre en to view en to vie Cash Receipts from Customers fed it budget mole dolla January February March Total $ Total sales 11,200 $ 15,900||$ dministra 10,400||$ 37,500 January February March Total nse Cash Receipts from Customers: ents Accounts Receivable balance, January 1 ance bef January-Cash sales $ 7,840 alanced 1,680 Excess o $ 1,680 11,130 January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March March-Cash sales 2,385 ayments $ 2,385 mancing 7,280 ance March-Credit sales, collection of March sales in March 1,560 11.225 $ $ 9.520 $ 15.195 $ 35.940 er in the Print Done Done KA Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April 1,560 Print Done Elwood's beginning cash balance is $5,000 and Elwood desires to maintain a minimum ending cash balance of $5,000. Elwood borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Drint Nano January February March Total Cash Payments Direct Materials: $ 0 Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February FebruaryDirect material purchases paid in March $ $ 3,900 3,700 3,700|| $ 0 3,900 7,600 Total payments for direct materials Direct Labor: Total payments for direct labor 2,700 3,100 4,100 9,900 Manufacturing Overhead: Utilities for plant 450 450 900 Property taxes on plant 3,600 3,600 Tatal naumanta farmanfaat.. minnavauband 2 ann An ACA Ann LIITLIVU TVI PIUIT TUU TUU 3,600 3,600 Property taxes on plant Total payments for manufacturing overhead 3,600 450 450 4,500 Selling and Administrative Expenses: Utilities for office Property taxes on office 630 630 1,260 2,160 2,160 Office salaries 6,500 6,500 6,500 19,500 Total payments for Selling and Admin. expenses 8,660 7,130 7,130 22,920 $ Total cash payments 14,960||$ 14,580|| $ 15,380|| $ 44,920 Acccount balances, March 31: Prepaid Property Taxes $ 4,320 Accounts Payable $ 4,900 Utilities Payable 1,080 Print Done