Marlin Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the cash payments schedule.) i (Click the icon to view the additional information.) Complete a cash budget for Marlin Company for January, February and March. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency with a minus sign or parentheses.) Mariin company Cash Budget January, February, and March January Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance Cash Receipts from Customers January February March Total Total sales $ 10,800 $ 12,300 $ 11,100||$ 34,200 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales $ 7,560 1,620 JanuaryCredit sales, collection of January sales in January January-Credit sales, collection of January sales in February FebruaryCash sales $ 1,620 8,610 1,845 FebruaryCredit sales, collection of February sales in February February-Credit sales, collection of February sales in March $ 1,845 March-Cash sales 7.770 March-Credit sales, collection of March sales in March 1,665 $ 9,180$ 12,075$ 11,280||$ 32,535 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 1,665 January February March Total Cash Payments Direct Materials: $ 0 Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February FebruaryDirect material purchases paid in March $ 3,400 $ 3,600 0 3,400 3,600 $ 7,000 Total payments for direct materials Direct Labor: Total payments for direct labor 2,500 3,900 4,200 10,600 Manufacturing Overhead: Utilities for plant 450 450 900 3,720 3,720 Property taxes on plant Total payments for manufacturing overhead 3,720 450 450 4,620 Selling and Administrative Expenses: Utilities for office 450 450 900 1,320 1,320 Property taxes on office Office salaries 6,500 6,500 6,500 19,500 Total payments for Selling and Admin. expenses 7,820 6,950 6,950 21,720 Manufacturing Overhead: Utilities for plant 450 450 900 3,720 3,720 Property taxes on plant Total payments for manufacturing overhead 3,720 450 450 4,620 Selling and Administrative Expenses: Utilities for office 450 450 900 Property taxes on office 1,320 1,320 Office salaries 6,500 6,500 6,500 19,500 Total payments for Selling and Admin. expenses 7,820 6,950 6,950 21,720 $ Total cash payments 14,040|| $ 14,700||$ 43,940 15,200 $ Acccount balances, March 31: Prepaid Property Taxes $ 3,780 Accounts Payable 5,000 Utilities Payable $ 900 Marlin's beginning cash balance is $8,000 and Marlin desires to maintain a minimum ending cash balance of $8,000. Marlin borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 15% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month
