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100%. Normal text. Calibri 9 . B 1 y, co E l. Fontanaco is in the wholesale rock business. The actual results for Fontanaco during the last 3 months of its fiscal year are given below OCT Nov DEC $2,000,000 750,000 450,000 75,000 $1,500,000 500,000 300,000 75,000 35,000 25,000 15,000 9,000 SALES $1,000,000 ACCTS. PAY 400,000 WAGES 200,000 75,000 30,000 20,000 10,000 9,000 RENT UTILITIES FUEL EXP 40,000 30,000 15,000 9,000 MAINT DEPRECIATION The budget for the next 3 months is as follows: JAN FEB MAR SALES ACCTS. PAY WAGES RENT UTILITIES FUEL EXP MAINT DEPRECIATION The credit department has developed a profile of how customers pay their bills based on the standard terms Fontanaco offe S 800,000 300,000 175,000 75,000 40,000 $1,000,000 400,000 200,000 75,000 $1,250,000 625,000 325,000 75,000 30,000 25,000 10,000 9,500 35,000 10,000 15,000 10,000 9,000 15,000 9,500 ocument/d/1EKsGMg4gfuNi1zLzQHo6DpOjtsQL3G3euzHoRiSVJ4E/edit 100%. Normal text. Calibri 9 . Blu- $1,000,000 $1,250,000 625,000 325,000 75,000 30,000 25,000 10,000 9,500 SALES S 800,000 300,000 400,000 200,000 75,000 35,000 10,000 15,000 9,500 ACCTS. PAY WAGES 175,000 RENT UTILITIES FUEL EXP 75,000 40,000 15,000 10,000 9,000 MAINT DEPRECIATION The credit department has developed a profile of how customers pay their bills based on the standard terms Fontanaco offers of net 30 days. 92% of all receivables are paid after 30 days, 95% of all receivables are paid after 60 days and 97% are paid after 90 days. Accounts payable are paid 30 days after they are received. All other expenses are paid in the month in which they are incurred During the month of Jan, Fontanaco plans to buy 50 new delivery trucks at a cost of $20,000 per truck. The company plans to finance the trucks using a $1,500,000 line of credit it has established with their bank. The terms of the line of credit requires that Fontanaco pay off as much as it can on the line monthly. The annual interest rate is 10% payable monthly on the outstanding balance The company wants to keep $75,000 in cash at the beginning of each month. At the end of Dec. $80,000 was in the cash account. Required:. Develop a cash budget for Jan,Feb. and Mar