Consider the following information about Elmwood Manufacturing Company:

Estimated Estimated Factory Estimated Selling and

Month Sales Overhead Administrative Expenses

December Year $1$ $$2,300,000$ $$610,000$ $$1,230,000$

January Year $21,600,000630,0001,320,000$

February Year $211,300,000640,0001,245,000$

March Year $27,000,000620,0001,270,000$

April Year $25,550,000610,0001,340,000$

The company has found that approximately $50$ percent of sales are collected during the month the sale is made and the remaining $50$ percent are collected during the month following the sale. Material purchases are $35$ percent of next month$$s estimated sales, and payments lag these purchases by one month. Labor costs are $40$ percent of next month$$s sales and are paid during the month incurred. Factory overhead and selling and administrative expenses are paid during the month incurred. In addition, a payment for new equipment of $$1\mathrm{.}9$ million is due in February. Also, a tax payment of $$1\mathrm{.}9$ million and a dividend payment of $$630,000$ are due in March.

The company$$s projected cash balance at the beginning of January is $$1\mathrm{.}5$ million. Furthermore, Elmwood desires to maintain a $$750,000$ cash balance at the end of each month. Prepare a cash budget for Elmwood Manufacturing Company for the first three months of Year $2.$ Enter your answers as positive values, but use minus sign to indicate the lack of available cash. Enter zero if necessary. Do not leave any cells blank. Round your answers to the nearest dollar.

Cash Budget

First Quarter, Year $2$

December January February March April

Sales $

$

$

$

$

Projected cash balance, beginning of month $

$

$

Receipts:

Collection of A$/$R

Total cash available $

$

$

Disbursements

Payments of A$/$P $

$

$

Labor expenses

Factory overhead

Selling and adm. expenses

Taxes

Dividends

Purchase of new equipment

Total disbursements $

$

$

Excess of available cash

over disbursements

Incremental cash loans needed

to maintain a balance of

$$750,000$ $

$

$

Loan repayment $

$

$

Projected cash balance,

end of month $

$

$