Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Debits Credits Cash $8,900 Accounts receivable 52,800 Inventory 16,020 Buildings and equipment (net) 214,700 Accounts payable $18,300 Capital stock 188,000 Retained earnings 86,120 Total $292,420 $292,420 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $66,000 January $89,000 February $124,000 March $144,000 April $56,000 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $7,900 per month: advertising, $5,500 per month; shipping, 4% of sales; other expenses, 2% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $5,200 for the quarter. f. Each month's ending inventory should equal 30% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month. h. During February, the company will purchase a new copy machine for $8,400 cash. During March, other equipment will be purchased for cash at a cost of $2,700. i. During January, the company will declare and pay $3,300 in cash dividends. j. Management wants to maintain a minimum cash balance of $8,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Using the data above, complete the following statement for the first quarter: Cash budget. (Leave no cells blank - be certain to enter "0" wherever required. Show deficiencies, repayments, interest and total financing preceded by a minus sign when appropriate. Enter all other amounts as positive values. Omit the "$" sign in your response.) January February March Quarter Cash balance, beginning $8,900 Add cash collections 70,600 Total cash available 79,500 Less cash disbursements: Purchases of inventory 48,150 Selling and administrative 18,740 Purchases of equipment 0 Cash dividends 3,300 Total cash disbursements 70,190 Excess (deficiency) of cash 9,310 Financing: Borrowings Repayments Interest Total financing Cash balance, ending