E Homework: Chapter 22 More Info XV Score: 0%, 0 of 3 points ore: 0 of 1 Save Marcel Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the cal (Click the icon to view the additional information.) Complete a cash budget for Marcel Company for January, February and March. (Complete Marcel's beginning cash balance is $6,000 and Marcel desires to maintain a minimum ending cash balance of $6,000. Marcel 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 15% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Reference Marcel Company Cash Budget January, February, and March January Print Done January February March Total Beginning cash balance Cash receipts Cash Payments Direct Materials: Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February February-Direct material purchases paid in March Cash available S 0 Reference $ 3,700 Cash payments: Purchases of direct materials $ 3,800 3,800 $ 0 Direct labor Cash Receipts from Customers 3,700 7,500 Total payments for direct materials Total Manufacturing overhead Selling and administrative expenses Total sales January February March $ 11.500 5 10,100 $ 11,100S January February March 32,700 Direct Labor: Total payments for direct labor Interest expense Total 2,500 3,600 4,100 10,200 S 6.900 850 850 1,700 Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 2.300 3,600 3,600 S 2,300 3,600 850 850 5,300 Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February--Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March 6,060 2,020 Principal repayments S 2020 460 460 920 Total effects of financing Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries 6.660 1,680 1,680 Ending cash balance 2.220 6,000 6,000 6.000 18.000 $ 9,200 $ 10,380 $ 10.900 $ 30,480 Total cash receipts from customers Total payments for Selling and Admin. expenses 7,680 6,460 6,460 20,600 $ 13,780 $ 14,610||$ 15,210$ 43,600 Total cash payments Enter any number in the edit fields and then clic Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 2.220 Acccount balances, March 31: Prepaid Property Taxes $ 3,960 Help Me Solve This DemoDocs E