Eric Smith, the owner and manager of Eric's, has provided the following information about his business for January-March 202. The cash balance on January 1,202, is $10,000, and he wants to maintain a minimum balance of $10,000 at the end of each month. The estimated monthly sales are as follows: The sales are 30 percent cash and 70 percent credit card. The Smith Express Card is converted to cash each day after the sale; however, the brokerage charge is four percent on gross. Other expected income is $2,000 from interest to be received in February. In addition, in February, a range with a net book value of $300 is expected to be sold for cash for a $700 gain on the sale. Food and beverages are paid for the month following the sale, and they average 40 percent of sales. Sales in December 201 totaled $130,000. Employees are paid the last day of the month, and the total compensation is 35 percent of sales. Other cash expenses approximate $10,000 per month. In the month of March, $40,000 is expected to be expended on new equipment. Funding for this expenditure comes in part from a long-term loan of $15,000 from the Kansas Bank and Trust. Required: Prepare the monthly cash budget for Eric's for January-March 202 using the cash receipts and disbursements approach. Problem 15 Enter the answers using whole dollar amounts only. No decimal places, no dollar signs and no commas. What are the net credit sales (less the brokerage charge) for January? What are the proceeds from the sale of the range? What are the total estimated cash receipts for March? What are the Food \& Bev Purchases for January? What is the Employee Compensation for February? How much is recorded for the purchase of equipment? What is the estimated cash at the end of March