GREE Electronics is the producers of highly efficient cooling systems. They have recently launched a sub brand of their most selling Air conditioner under the name of ECO STAR. The sole distribution of this product in the entire Pakistan has been awarded to Anas & Hakeem, a major distributor of electronic products. Anas & Hakim is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the Anas & Hakim's accounting records:

All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected in the following month. Uncollectible amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1.

Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after acquisition.

The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $20,000; accounts receivable, $55,000; and accounts payable, $22,000.

Anas & Hakim maintains a $20,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 8 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time.

Additional data:

January

February

March

Sales revenue ...............................

$150,000

$180,000

$185,000

Merchandise purchases ...............

90,000

100,000

140,000

Cash operating costs ...................

31,000

24,000

45,000

Proceeds from sale of equipment ......

5,000

1. Make schedule that discloses the firm's total cash collections for January through March.

2 Make schedule that discloses the firm's total cash disbursements for January through March.

3.Make schedule that discloses the firm's cash needs, if any, for January through March. The schedule should present the following information in the order cited: Beginning cash balance, total receipts (from requirement (1)), total payments (from requirement (2)), the cash excess (deficiency) before financing, borrowing needed to maintain minimum balance, loan principal repaid, loan interest paid, and ending cash balance.