nline Problem Iu:20 Points The treasurer of Calico Dreams Company has accumulated the following budget information for first two months of the coming fiscal year Sales $45 $520,0 290,000 350,00 41,400 46,400 250,000 and a tal The c expects to sell about 35% of its merchandise for cash. Of sales on account, 80% are collected in full in the month of the sale, and the remainder in the month following the sale. One-tourth of the manufacturing costs are paid in the month in which they are incurred, and the other three- fourths in the following month. Depreciation, insurance, anctproperty taxes represent $6,400 of the monthly selling and. selling and administrative expenses, one-half are to be paid in the month in which they are incurred and the balance in the following month, Capital additions is paid in February, and property taxes are paid yearly in September. A $40,000 installment on income taxes is to be paid of $250,000 are paid in March. Current assets as of March 1 are composed o ed of cash of $45,000 and accounts receivable of $51,000. Current liabilities as of March 1 are accounts payable of and $19,500 for operating expenses) Managemen t desires to maintain a minimum cash balance of $25,000. $121,500 ($102,000 for materials purchases REQUIRED: Prepare a monthly cash budget for March and April MacBook Air