More Info Avery's beginning cash balance is $3,500 and Avery desires to maintain a minimum ending cash balance of $3,500. Avery 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 13% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Print Done Avery 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.) (Click the icon to view the additional information.) Complete a cash budget for Avery 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.) Reference Avery Company Cash Budget January, February, and March January Cash Receipts from Customers Beginning cash balance Total Cash receipts Total sales January February March $ 11,200 $ 13,800 $ 15,800 $ January February March 40,800 Total Cash available Cash payments: Purchases of direct materials Direct labor $ Manufacturing overhead 6,720 2,240 Selling and administrative expenses $ Interest expense Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March 2,240 8,280 2,760 $ 2,760 9,480 Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing 3,160 15,400 $ $ 8.960||$ 13,280 $ 37,640 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 3,160 Ending cash balance Print Done Enter any number in the edit fields and then click Check Answer. Xparts Coor 0 $ 4,000 Accounts Payable balance, January 1 JanuaryDirect material purchases paid in February FebruaryDirect material purchases paid in March Total payments for direct materials $ 3,700 3,700$ 0 4,000 7,700 Direct Labor: Total payments for direct labor 3,400 3,700 3,700 10,800 720 720 Manufacturing Overhead: Utilities for plant Property taxes on plant Total payments for manufacturing overhead 1,440 1,440 1,440 1,440 720 720 2,880 240 240 480 Selling and Administrative Expenses: Utilities for office Property taxes on office Office salaries Total payments for Selling and Admin. expenses 1,560 5,500 7,060 5,500 5,740 5,500 5,740 1,560 16,500 18,540 $ 11,900 $ 14,160 $ 13,860 $ 39,920 Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable $ 2,250 $ 4,700 $ 960 Print Done More Info Avery's beginning cash balance is $3,500 and Avery desires to maintain a minimum ending cash balance of $3,500. Avery 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 13% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Print Done