Jessica Inc. provides you with the following budgeted information for two months in the current year. Sales Inventory Costs Capital Expenditures March April $555,000 $630,000 230,000 350,000 110,000 0 General and Administration Costs (including amortization) 80,000 100,000 Expectations: Cash sales represent 10% of total sales All sales on account are collected in the following month 60% of March's $110,000 worth of capital expenditures is to be paid at the end of March. The remainder is to be paid in the following month. April's capital expenditure will be paid in May. Monthly amortization represents 20% of general and administration costs. Inventory costs and general and administration costs are to be paid in the month in which they are incurred Dividends of $5,000 are expected to be declared in March and paid in April Jessica Inc. obtains the minimum financing needed to ensure at least a $7,000 cash balance at the end of the month through a note payable. Assume that any amount taken out of the bank loan may be repaid only at year end. As of March 1 Cash Accounts Receivable" Inventory Long-Term Assets Accumulated Depreciation Accounts Payable Dividends Payable (in March) Notes Payable Shareholder's Equity $19,000 188,000 30,000 115,000 9,000 12,000 1,000 265,000 108,000 Comprised only of sales on account incurred in February Shareholder's Equity 108,000 Comprised only of sales on account incurred in February Do not enter dollar signs or commas in the input boxes. Use the negative sign for any cash deficit. Prepare a cash budget for March and April. Jessica Inc. Cash Budget for March and April Opening Cash Balance Receipts: Cash from sales Collection from customers $ March Total cash available: $ Disbursements: Inventory costs General and admin. costs $ Capital Expenditures Dividend Payment Total Cash Payments Cash Excess (Deficit) $ April 19000 A 69 $ Inventory costs $ General and admin. costs $ Capital Expenditures EA $ 59 SA $ $ Dividend Payment $ $ Total Cash Payments $ $ 59 EA $ $ $ 59 Cash Excess (Deficit) Financing Requirements: Notes Payable Loan Repayment Ending Cash Balance $ $ 69