FINA 3562 Project 2 Learning objective: Students will learn how to make a cash budget using Excel spreadsheets through this assignment. Requirements Please use the data from the following table to complete the cash budget in Excel spreadsheets. You can use the Excel file (FINA 3562 Project 2 data.xlsx) Iuploaded on Blackboard. To complete the cash budget, you will have to work on the schedules of expected cash collections and payments first- Please set formulae by referencing to the data in Excel spreadsheets. If you do not meet this requirement, you will be asked to re-work on the project. You can work with another student on this project or work alone. Please put your name(s) in your Excel spreadsheets. This project accounts for 5% of your overall grade. Due date: March 3rd, 11:59 pm on Blackboard The following table lists the data from the budget of Dynamic Mattress Company. 40% the companys sales are for cash on the nail the other 60% are paid for with a one-month delay. The company pays all its credit purchase with a one-month delay. Credit purchases in January were $120,000, and total sales in January were $560,000. Dynamic Mattress Sales, purchase, and other budgets January February March April 560.000 SS02.000 S 12,000 S 836,000 Total sales Purchases of material For cash 150,000 160,200 156,600 For credit 120,000 100,000 106,800 104400 136,000 136,000 Labor and other expenses 80,000 80,000 80,000 Selling and admin. expenses taxes 46,000 46000 46,000 7,000 7,000 7,000 Dividends 95.000 8000 14500 Equipment purchase We make these assumptions to simplify the analysis: Dynamic Mattress Company has an open line of credit with its bank, which can be used as needed to bolster the cash position. The company desires to maintain a $25,000 minimum cash balance at the end of each month. Therefore, borrowing must be sufficient to cove the cash shortfall and to for the minimum cash balance of $25,000. All borrowings and repayments must be in multiple of $1,000 amounts, and interest is 5 percent per annum