E22-28 (similar to) Carmen Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the cash payments schedule.) (Click the icon to view the additional information.) Complete a cash budget for Carmen Company for January, February and March (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash 3,000 More Info Carmen's beginning cash balance is $3,000 and Carmen desires to maintain a minimum ending cash balance of $3,000. Carmen 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 16% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Cash Budget January, February, and March January February Beginning cash balance $ 3550 13.430 Cash receipts 12230 Cash available 16,430 15780 Cash payments Purchases of direct materials 0 2000 Direct labor 2,500 3800 Manufacturing overhead 4,200 850 Selling and administrative expenses 8,180 7010 Interest expense 0 27 14.880 14687 Total cash payments Ending cash balance before financing 1,550 1093 Minimum cash balance desired (3.000) 3000 Projected cash excess (deficiency) (1,450) (1207) Financing Borrowing 2,000 2000 Principal repayments 0 0 Total effects of financing 2,000 2000 $ 3,550 3023 Ending cash balance Print Done CATE 8 (similar to) Questi 6 More Info Company has prepared the fd k the icon to view the cash re k the icon to view the addition e a cash budget for Carmen nto the cash budget to the ne Carmen's beginning cash balance is $3,000 and Carmen desires to maintain a minimum ending cash balance of $3,000. Carmen 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 16% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. balances. Round a i Reference Cash Receipts from Customers Total Total sales January February March $ 15,800 $ 11,600 $ 12,900 $ January February March nd 40,300 Total uf ng $ 11,060 ag 2,370 SH GA 2,370 a 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 8,120 7 1,740 d S 1,740 9,030 1,935 12,705$ ip A 13,430 $ 12,230$ 38,365 Total cash receipts from customers ed Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April GA 1,935 i Reference January February March Total Cash Payments Direct Materials: Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials $ 3,000 GA 3,600 3,600 $ 3,000 6,600 Direct Labor: Total payments for direct labor 2,500 3,800 4,500 10,800 850 850 1,700 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 4,200 4,200 4,200 850 850 5,900 510 510 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries Total payments for Selling and Admin. expenses 1,020 1,680 1,680 6,500 6,500 7,010 6,500 7,010 19.500 22,200 8,180 $ 15,960$ 14,880 $ 14,660 $ 45,500 Total cash payments Acccount balances, March 31