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This Question: 24 pts 3 of 3 (2 complete) This Test: 70 pts possible Reference i Reference - X January February March Total Cash Receipts from Customers Cash Payments January February March Total Direct Materials: Total sales $ 10,800 $ 10,200 $ 16,300 $ 37,300 Accounts Payable balance, January 1 $ 0 January February March Total January-Direct material purchases paid in February $ 3,000 Cash Receipts from Customers: February-Direct material purchases paid in March $ 3,500 Accounts Receivable balance, January 1 Total payments for direct materials 3.000 3,500 $ 6,500 January-Cash sales $ 8,640 January-Credit sales, collection of January sales in January 1,080 Direct Labor: January-Credit sales, collection of January sales in February $ 1,080 Total payments for direct labor 3,200 3,900 3,600 10,700 February-Cash sales 8,160 February-Credit sales, collection of February sales in February 1,020 Manufacturing Overhead: February-Credit sales, collection of February sales in March $ 1,020 Utilities for plant 650 650 1,300 March-Cash sales 13,040 roperty taxes on plant 4,200 4,200 March-Credit sales, collection of March sales in March 1,630 Total payments for manufacturing overhead 4,200 650 650 5,500 Total cash receipts from customers $ 9,720 $ 10,260 $ 15,690 $ 35,670 Selling and Administrative Expenses: Accounts Receivable balance, March 31: Utilities for office 630 630 1,260 March-Credit sales, collection of March sales in April $ 1,630 Property taxes on office 2,040 2,040 Office salaries 2,500 2,500 2,500 7,500 i More Info - X Total payments for Selling and Admin. expenses 4,540 3,130 3,130 10,800 Print Done Elwood's beginning cash balance is $6,000 and Elwood desires to maintain a minimum ending cash balance of $6,000. Elwood borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts Lifter any number and then continue to the Text question. borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 16% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month.Elwood Company has prepared the following schedules and additional information: 5 (Click the icon to view the cash receipts schedule.) 0 (Click the icon to view the additional information.) Complete a cash budget for Elwood Company for January, February and March. (Complete all answer boxes. Enter a "0" for any zero balances, Round all amounts entered into the cash budget to the nearest whole dollar, Enter a cash deciency with a minus sign or parentheses.) Beginning cash balance Cash receipts ' ms}; ' ' "February ' \"March\" 5 (Click the icon to View the cash payments schedule.) Total Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Interest expense Total cash payments Ending cash balance before Dnancing Minimum cash balance desired Projected cash excess (defiElciency) Financing: Borrowing Principal repayments Total effects of Dnancing Ending cash balance