On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. Month January February March April May Credit Sales $ 300,000 (actual) 400,000 (actual) 432,000 (estimated) 877,000 (estimated) 800,000 (estimated) The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale Collections one month after the sale. Collections two months after the sale Uncollectible accounts 50% 30 15 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May. Cash balance on March 31 Cash balance on April 30 Cash balance on May 31

On March 1 of the current year, Spicer Corporation complled information to prepare a cash budget for March, April, and May All of the compary's sales are made on account. The following information thas been provided by Spicer's management The company's collection activity on credit sales histonicaliy thas been as fodows. Spicer's total cash expenditures for Mach. Apall, and Myy have been estimated at $1,200,000 (an inverage of $400,000 pet month) its cash balance on March 1 of the current year is $500.000. No financing or investing octivities are anticipated during the second quarter: Compute Spicer's budgeted casti balance at the ends of Morch. Aprit, and May