Jessica Inc. provides you with the following budgeted information for two months in the current year. March April Sales $575,000 $630,000 Inventory Costs 220,000 330,000 Capital Expenditures 100,000 0 General and Administration Costs (including amortization) 90,000 85,000 Expectations: Cash sales represent 20% of total sales . All sales on account are collected in the following month 65% of March's $100,000 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 15% 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 $7,000 are expected to be declared in March and paid in April Jessica Inc. obtains the minimum financing needed to ensure at least a $6,000 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) $19,000 211,000 60,000 105,000 5,000 18,000 2,000 GRADA As of March 1 Cash $19,000 Accounts Receivable 211,000 Inventory 60,000 Long-Term Assets 105,000 Accumulated Depreciation 5,000 Accounts Payable 18,000 Dividends Payable in March) 2,000 Notes Payable 265,000 Shareholder's Equity 101,000 "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 March April $ Opening Cash Balance Receipts: $ $ Cash from sales $ Collection from customers $ Opening Cash Balance Receipts: $ $ Cash from sales $ Collection from customers $ $ $ Total cash available Disbursements: $ $ Inventory costs $ General and admin. costs $ $ $ Capital Expenditures $ $ Dividend Payment $ $ Total Cash Payments $ $ Cash Excess (Deficit) Financing Requirements: Notes Payable $ Loan Repayment $ $ Ending Cash Balance