Given the following information, construct the firm's cash budget for January, February, and March.

1. 45 percent of sales for credit and are collected after thirty days; the rest of sales are for cash.
2. Sales are December: $40,000, January: $43,000, February: $38,000, March: $35,000, and April: $33,000.
3. Monthly fixed expenses include salaries, rent, and loan repayments and are estimated to be $9,000.
4. Variable disbursements include material and wages and are estimated to be 75 percent of next month sales.
5. A tax payment of $4,500 is due in January.
6. The initial cash is $3,000.
7. The company likes to maintain a cash balance of $3,000.

Use Excel for this assignment.