Homework Company would like a cash budget for the first three months of the year. They have the following information available: Nov Dec Jan Feb March Sales 270,000 350,000 410,000 460,000 420,000 Selling and Administrative Expenses 221,000 331,000 365,000 360,000 375,000 Taxes 12,600 Dividends 15,000 Other information is as follows: 50% of the sales are cash sales collected in the month of sale 20% of the sales are credit and collected in the month following the sale 30% of the sales are credit and collected in the second month following the sale Selling and Administrative expenses are paid as follows: 40% in the month of the expense and 60% in the month following the expense. The cash balance on January 1 was $90,000 Required Prepare a cash collections budget for January, February and March. Prepare a cash payments budget for January, February and March. Calculate the projected ending cash balance in January, February and March.