P.25: Complete cash budget (LO2) The following are actual and forecasted sales figures (below): Of the firm's sales, 60 percent are for cash and the remaining 40 percent are on credit. Of credit sales, 20 percent are paid in the month after sale and 80 percent are paid in the second month after the sale. Materials cost 20 percent of sales and are purchased and received each month in an amount sufficient to cover the following month's expected sales. Materials are paid for in the month after they are received. Labor expense is 50 percent of sales and is paid for in the month of sales. Selling and administrative expense is 15 percent of sales and is also paid in the month of sales. Overhead expense is $31,000 in cash per month. Depreciation expense is $10,600 per month. Taxes of $8,600 will be paid in January, and dividends of $5,000 will be paid in March. Cash at the beginning of January is $92,000, and the minimum desired cash balance is $87,000. For January, February, and March, prepare a schedule of monthly cash receipts, monthly cash payments, and a complete monthly cash budget with borrowings and repayments. Assume 0\% Interest (?) Min Cah Bal / Mo: 87000 Dividend Dist: 5000 (pd in Mar) Beginning Cash Balance: Sales: 260,000340,000400,000440,000410,000400,000 Cash Sales: Credit Sales: Total Cash Receipts: Materials: Labor Expense: Sellg \& Admin Expense: Deprec Expense (non Cash): Overhead: Taxes: Dividend Distribution: A Deprec Expense (non Cash): Overhead: Taxes: Dividend Distribution: Total Cash Payments: Net Cash Flow: Ending Cash Subtotal: Monthly Loan: Loan Pmt (assume 0\% int?): Loan Balance: Ending Cash Balance