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Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the companys accounting records:

• All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the following month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1.
• Sixty percent of the merchandise purchases are paid for in the month of purchase; the remaining 40 percent are paid for in the month after acquisition.
• The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $55,000; accounts receivable, $220,000; and accounts payable, $77,000.
• Mary and Kay, Inc. maintains a $55,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time.
• Additional data:

	January			February			March
Sales revenue	$	570,000		$	660,000		$	675,000
Merchandise purchases		390,000			420,000			540,000
Cash operating costs		105,000			84,000			147,000
Proceeds from sale of equipment								27,000

Required:

1. Prepare a schedule that discloses the firms total cash collections for January through March.
2. Prepare a schedule that discloses the firms total cash disbursements for January through March.
3. Prepare a schedule that summarizes the firms financing cash flows for January through March.

1)

	January	February	March
Collection of AR	$ 44,000
Collection of Jan Sales	336000	168000
Collection of Feb Sales		390000	195000
Collection of March Sales			399000
Sale of Equip			26,000
Total Cash Collections	$ 380,000	$ 558,000	$ 620,000

	January	February	March
Payment of AP	$ 77,000
Payment of Jan Purchases	228000	152000
Payment of Feb Purchases		246000	164000
Payment of March Purchases			318000
Cash Operating Costs	104,000	83,000	146,000
Total Cash Disbursements	$ 409,000	$ 481,000	$ 628,000

	January	February	March
Beginning Cash Balance	$ 55,000	$ 55,000	$ 102,565
Total Receipts	$ 380,000	$ 558,000	$ 620,000
Subtotal	$ 435,000	$ 613,000	$ 722,565
Less: Total Disbursements	$ 409,000	$ 481,000	$ 628,000
Cash excess (deficiency) before financing	$ 26,000	$ 132,000	$ 94,565
Financing:
Borrowing to maintain $55k Balance	$ 29,000	$ -	$ -
Loan Principle Repayment		$ (29,000)
Loan interest paid		$ (435)
Ending Cash Balance	$ 55,000	$ 102,565	$ 94,565