Lewis Ltd. is trying to decide whether it is going to need to take a loan in coming January to buy a new microcomputer system. The microcomputer will cost $10,710. The president, Edward Lewis, has collected the following information about her operations as at December 31: 1. Balance of selected ledger accounts: Cash $3,570 Accounts payable 7,100 2. Sales history and forecast (unit selling price $12) October (actual $53,550 November (actual) 40,460 Prepare a cash budget for January, indicating whether Lewis Ltd. will need a loan to finance its computer acquisition. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses es. (45). Round answers to decimal places, eg,5,275.) LEWIS LTD. Cash Budget For the Month Ended January 31 Lewis Ltd. is trying to decide whether it is going to need to take a loan in coming January to buy a new microcomputer system. The microcomputer will cost $10,710. The president, Edward Lewis, has collected the following information about her operations as at December 31 1. Balance of selected ledger accounts: Cash $3.570 Accounts payable 7.100 2. Sales history and forecast (unit selling price: $12); October (actual) $53,550 November (actual) 40.460 December (actual) 53,550 January (forecast) 71.400 3. 4 5. 6. All sales are on credit and are due 30 days after the sale. Cash payments for purchases are as follows: two-thirds in the month of purchase; one-third in the month after that. Lewis Ltd.collects 50% of a month's sales one month after the sale and 45% two months after the sale: 5% are uncollectible. The company purchases inventory as required under terms of 2/10, net 30. It always takes the 2% discount, but records purchases at gross cost. Inventory costs 56 per unit, gross. Other expenses, all paid in cash as incurred, average about 30% of the sales dollar amount. Depreciation is part of these expenses and costs $3,570 per month Lewis Ltd, koeps a minimum cash balance of $4,800, 7. 8. 9 Prepare a cash budget for January, Indicating whether Lemps Ltd. will need a loan to finance its computer acquisition (Enter negative amounts using either a negative sign preceding the number eg: 45 or parentheses es. (45). Round answers to O decimal places, eg, 5,275.)