Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm for parts of 2021 and 2022:

May 2021 $ 170,000

June 170,000 July 340,000

August 510,000

September 680,000

October 340,000

November 340,000

December 85,000

January 2022 170,000

Estimates regarding payments obtained from the credit department are as follows: collected within the month of sale, 10%;

collected the month following the sale, 75%;

collected the second month following the sale, 15%.

Payments for labor and raw materials are made the month after these services were provided. Here are the estimated costs of labor plus raw materials:

May 2021 $ 85,000

June 85,000

July 102,000

August 833,000

September 255,000

October 221,000

November 153,000

December 85,000

General and administrative salaries are approximately $36,000 a month.

Lease payments under long-term leases are $12,000 a month.

Depreciation charges are $48,000 a month. Miscellaneous expenses are $5,400 a month.

Income tax payments of $68,000 are due in September and December.

A progress payment of $190,000 on a new design studio must be paid in October.

Cash on hand on July 1 will be $138,000, and a minimum cash balance of $85,000 should be maintained throughout the cash budget period.

The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below.

Do not round intermediate calculations.

Round your answers to the nearest dollar. If your answer is zero, enter "0". Download spreadsheet Cash Budgeting-2dc1c0.xlsx

Prepare a monthly cash budget for the last 6 months of 2021. All payments and expenses should be entered as positive numbers. Net cash losses, negative cash balance, negative cumulative cash, and cumulative loans outstanding, if any, should be indicated by a minus sign.

July August September October November December Collections and purchases worksheet Sales (gross) $ fill in the blank 2 $ fill in the blank 3 $ fill in the blank 4 $ fill in the blank 5 $ fill in the blank 6 $ fill in the blank 7 Collections During month of sale $ fill in the blank 8 $ fill in the blank 9 $ fill in the blank 10 $ fill in the blank 11 $ fill in the blank 12 $ fill in the blank 13 During 1st month after sale fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 During 2nd month after sale fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 Total collections $ fill in the blank 26 $ fill in the blank 27 $ fill in the blank 28 $ fill in the blank 29 $ fill in the blank 30 $ fill in the blank 31 Purchases Labor and raw materials $ fill in the blank 32 $ fill in the blank 33 $ fill in the blank 34 $ fill in the blank 35 $ fill in the blank 36 $ fill in the blank 37 Payments for labor and raw materials $ fill in the blank 38 $ fill in the blank 39 $ fill in the blank 40 $ fill in the blank 41 $ fill in the blank 42 $ fill in the blank 43 Cash gain or loss for month Collections $ fill in the blank 44 $ fill in the blank 45 $ fill in the blank 46 $ fill in the blank 47 $ fill in the blank 48 $ fill in the blank 49 Payments for labor and raw materials $ fill in the blank 50 $ fill in the blank 51 $ fill in the blank 52 $ fill in the blank 53 $ fill in the blank 54 $ fill in the blank 55 General and administrative salaries fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 Lease payments fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 Miscellaneous expenses fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 fill in the blank 73 Income tax payments fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 Design studio payment fill in the blank 80 fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 Total payments $ fill in the blank 86 $ fill in the blank 87 $ fill in the blank 88 $ fill in the blank 89 $ fill in the blank 90 $ fill in the blank 91 Net cash gain (loss) during month $ fill in the blank 92 $ fill in the blank 93 $ fill in the blank 94 $ fill in the blank 95 $ fill in the blank 96 $ fill in the blank 97 Loan requirement or cash surplus Cash at start of month $ fill in the blank 98 $ fill in the blank 99 $ fill in the blank 100 $ fill in the blank 101 $ fill in the blank 102 $ fill in the blank 103 Cumulative cash $ fill in the blank 104 $ fill in the blank 105 $ fill in the blank 106 $ fill in the blank 107 $ fill in the blank 108 $ fill in the blank 109 Target cash balance fill in the blank 110 fill in the blank 111 fill in the blank 112 fill in the blank 113 fill in the blank 114 fill in the blank 115 Cumulative surplus cash or loans outstanding to maintain $85,000 target cash balance $ fill in the blank 116 $ fill in the blank 117