Elwood Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) 5 (Click the icon to view the cash payments schedule.) (Click the icon to view the additional information.) Complete a cash budget for Elwood Company for January, February and March. (Complete all answer boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget 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 Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Interest expense Elwood Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) 5 (Click the icon to view the cash payments schedule.) (Click the icon to view the additional information.) Complete a cash budget for Elwood Company for January, February and March. (Complete all answer boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Manufacturing overhead Selling and administrative expenses Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Total sales 10,600||$ 13,800 $ 11,100 $ 35,500 January February March Total Cash Receipts from Customers: $ L 8,480 1,060 Accounts Receivable balance, January 1. JanuaryCash sales JanuaryCredit sales, collection of January sales in January JanuaryCredit 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 MarchCash sales March-Credit sales, collection of March sales in March 1,060 11,040 1,380 $ 1,380 8,880 1,110 11,370 $ 9,540||$ 13,480||$ 34,390 Total cash receipts from customers Annannte Donaiahla balance March 24. 8,480 1,060 $ Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales JanuaryCredit sales, collection of January sales in January JanuaryCredit 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 MarchCash sales MarchCredit sales, collection of March sales in March 1,060 11,040 1,380 $ 1,380 8,880 1,110 11,370 $ 9,540||$ 13,480 | $ 34,390 Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April $ 1,110 0 Direct Materials: Accounts Payable balance, January 1 | JanuaryDirect material purchases paid in February FebruaryDirect material purchases paid in March $ 3,200 $ 4,200 4,200 $ Total payments for direct materials 3,200 7,400 Direct Labor: Total payments for direct labor L 2,800|| 3,300|| 4,300 10,400 Manufacturing Overhead: Utilities for plant 450 450 900 4,200 Property taxes on plant Total payments for manufacturing overhead 4,200 4,200 450|| 450 5,100 Selling and Administrative Expenses: Utilities for office 550 550|| 1 100 Selling and Administrative Expenses: Utilities for office 550 550 1,100 1,560 Property taxes on office Office salaries 1,560 3,000 4,560 3,000|| 3,000 9,000 11,660 Total payments for Selling and Admin. expenses 3,550 3,550 $ 11,560 | $ 10,500||$ 12,500 || $ 34,560 Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable $ $ $ 4,320 4,000 1,000 Utilities Payable Elwood's beginning cash balance is $8,000 and Elwood desires to maintain a minimum ending cash balance of $8,000. 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 15% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month
