E22-28 (similar to) Question Help Ewood Company has prepared the following schedules and additional Information Click the icon to view the cathecuiaschedule (Cick the con to view the cash payments schedule Chok the con to view the additional information) Complete a cuah budget for wood Company for January, February and March. (Complete all tower boxen. Erdor a "for any zoro balance. Round at arouets entered into the cash budget to the newest while olarEntor cm de convoy with a sign or parents Elwood Company Cash Budget January February, and March January 300 11410 Beginning cash balance Cashvili Cashowman Erlenhynurber in the dil fields and then click Check Anwar Activate Windows 3 Clear Al Check And remaining Elwood 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 loon to view the additional information. Complete a cash budget for Elwood Company for January, February and March (Complete all answer boxes. Enter a "for any zero balances. Round all amour dolor Entor a cash deficiency with a minus sign or parentheses) Cash payments Purchases of direct materials 0 Direct labor 3200 Manufacturing overhead 3000 Soring and administrative experies 8180 0 Interest expense Total cash payments 12380 Ending cash balance before financing 2560 (3500) Minimum honderd Enter any number in the edit fields and then click Check Answer 3 parts Clear All remaining Elwood 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 wood Company for January February and March (Comploto of answer boxos. Enter a "O" for any zoro balances. Round all amount dollar Enter a cash deficiency with a minus sign of parentheses) Ending cash balance before financing 2560 Minimum cash balance desired (3500) Projected cash excess deficiency) (940) Financing Borrowing Principal payments Total effects of financing Ending cash balance Reference Cash Receipts from Customers Total Total sales January February March $ 14,300 $ 14,600 $ 10,400 $ January February March 39,300 Total $ 8,580 2,860 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 Fahrdienlemelinin finale in March $ 2.860 8.760 2,920 2.nl Print Done i Reference UJU 2,860 $ 2,860 8,760 2,920 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 Total cash receipts from customers $ 2,920 6,240 2.080 11,240 $ $ 11,440||$ 14,540||$ 37.220 Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April s 2,080 Print Done Ac Go Reference January February March Total the Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials $ 3,600 3,600 3,600 $ 0 3,600 7,200 Direct Labor: Total payments for direct labor 3,200 3,300 3,700 10.200 Print Done Aciva GOS Reference - X Direct Labor: Total payments for direct labor 3,200 3,300 3,700 10,200 th 850 850 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 3,000 1,700 3,000 4,700 3,000 850 850 320 320 640 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries 1,680 4,500 1.680 13,500 4,500 4,500 Print Done Aciva GOS i Reference the 320 320 640 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries Total payments for Selling and Admin. expenses 1.680 4,500 6,180 1,680 13,500 4,500 4,500 4,820 4,820 15,820 $ 12,380 $ 12,570 $ 12,970 $ 37.920 Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable $ 3,510 4,600 1,170 $ Print Done Activa Go Se additional information: (Click the icon to view the cash payments schedule.) Xem Fel nes i More Info Elwood's beginning cash balance is $3,500 and Elwood desires to maintain a minimum ending cash balance of $3,500. 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 9% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Print Done eck