Hip Company requires a minimum cash balance of $3,800. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 12 % per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Hip does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hip Company. Round interest expense to the nearest whole dollar. Begin by preparing the cash budget for January, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (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 deficiency and/or negative effects of financing with a minus sign or parentheses.) Hip Company Cash Budget For the Three Months Ended March 31 January Beginning cash balance 3,800 23,000 Cash receipts Cash available 26,800 Cash payments: All expenses except interest 40,000 0 Interest expense An nnn Enter any number in the edit fields and then click Check Answer 3 parts remaining Clear All Check Answer E22-26 (similar to) Question Help Carmen Company projects the following sales for the first three months of the year: $16,700 in January, $14,600 in February; and $13,400 in March. The company expects 80 % of the sales to be cash and the remainder on account. Sales on account are collected 50 % in the month of the sale and 50 % in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the tequirements Requirement 1. Prepare a schedule of cash receipts for Carmen for January, February, and March. What is the balance in Accounts Receivable on March 317 (Leave unused and zero balance account cells blank, do not enter "0) Cash Receipts from Customers January February March Total Total sales January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credt sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February -Credit sales, collection of February sales in March Mareh ach ealee. Enter any number in the edit fields and then click Check Answer 1 part remaining Clear All Check Answer Hip Company requires a minimum cash balance of $3,800. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 12 % per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Hip does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hip Company. Round interest expense to the nearest whole dollar. Begin by preparing the cash budget for January, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (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 deficiency and/or negative effects of financing with a minus sign or parentheses.) Hip Company Cash Budget For the Three Months Ended March 31 January Beginning cash balance 3,800 23,000 Cash receipts Cash available 26,800 Cash payments: All expenses except interest 40,000 0 Interest expense An nnn Enter any number in the edit fields and then click Check Answer 3 parts remaining Clear All Check Answer E22-26 (similar to) Question Help Carmen Company projects the following sales for the first three months of the year: $16,700 in January, $14,600 in February; and $13,400 in March. The company expects 80 % of the sales to be cash and the remainder on account. Sales on account are collected 50 % in the month of the sale and 50 % in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the tequirements Requirement 1. Prepare a schedule of cash receipts for Carmen for January, February, and March. What is the balance in Accounts Receivable on March 317 (Leave unused and zero balance account cells blank, do not enter "0) Cash Receipts from Customers January February March Total Total sales January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credt sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February -Credit sales, collection of February sales in March Mareh ach ealee. Enter any number in the edit fields and then click Check Answer 1 part remaining Clear All Check