Maynard Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) (Click the icon to view the additional information. (Click the icon view the cash payments schedule.) Complete a cash budget for Maynard Company for January, February and March. (Comple Reference Maynard Company Cash Budget Cash Receipts from Customers Total sales Beginning cash balance Cash receipts January, February, and March January Cash Receipts from Customers: 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 Reference January February March Total Cash Payments January February March Total Direct Materials: S 10,600 $ 15,900 $ 16,300 $ 42,800 Accounts Payable balance, January 1 $ January February March Total January-Direct material purchases paid in February $ 3,700 February-Direct material purchases paid in March $ 3,700 3,500 3,500 7,200 Total payments for direct materials Accounts Receivable balance, January 1 January-Cash sales $ 6,360 January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales 2,120 $ 2,120 Direct Labor: Total payments for direct labor 2,800 3,100 4,200 10,100 9,540 February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March 3,180 Manufacturing Overhead: $ 3,180 Utilities for plant 450 450 900 March-Cash sales 9,780 Property taxes on plant 2,400 2,400 March-Credit sales, collection of March sales in March $ 8,480 $ 14,840 3,260 16,220 Total payments for manufacturing overhead 2,400 450 450 3,300 39,540 Total cash receipts from customers Selling and Administrative Expenses Utilities for office 630 630 1,260 Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 3,260 Property taxes on office 1,560 1,560 Office salaries 3,000 3,000 3,000 9,000 Total payments for Selling and Admin. expenses 4,560 3,630 3,630 11,820 More info 9,760 $ 10,880||$ 11,780 32,420 Total cash payments Acccount balances, March 31: Prepaid Property Taxes $ 2,970 $ 4,100 $ 1,080 Maynard's beginning cash balance is $4,500 and Maynard desires to maintain a minimum ending cash balance of $4,500. Maynard 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 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Accounts Payable Utilities Payable Print Done Print Done