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(Preparation of a cash budget) Lewis Printing has projected its sales for the first 8 months of 2019 as follows: 6 Lewis collects 30 percent of its sales in the month of the sale, 50 percent in the month following the sale, and the remaining 20 percent 2 months following the sale. During November and December of 2018, Lewis's sales were $200,000 and $175,000, respectively. Lewis purchases raw materials 2 months in advance of its sales. These purchases are equal to 70 percent of its final sales. The supplier is paid 1 month after delivery. Thus, purchases for April sales are made in February and payment is made in March. In addition, rent expense is $12,000 per month and other expenses total $25,000 a month. Beginning in March, quarterly tax prepayments of $23,500 are made. The company's cash balance as of December 31, 2018, was $30,000; a minimum balance of $20,000 must be maintained at all times to satisfy the firm's bank line of credit agreement. Lewis has arranged with its bank for short-term credit at an interest rate of 18 percent per annum (1.5 percent per month) to be paid monthly. Borrowing to meet estimated monthly cash needs takes place at the end of the month, and interest is not paid until the end of the following month. Consequently, if the firm needed to borrow $50,000 during April, then it would pay $750 ( = 0.015* $50,000) in interest during May. Finally, Lewis follows a policy of repaying its outstanding short-term debt in any month in which its cash balance exceeds the minimum desired balance of $20,000. a. Lewis needs to know what its cash requirements will be for the next 6 months so that it can renegotiate the terms of its short-term credit agreement with its bank, if necessary. To address this problem, prepare a 6-month cash budget. Also, recalculate the budget for a 120 percent variation in its monthly sales. b. Lewis has a $60,000 note due at the end of June. Will the firm have sufficient cash to repay the loan? X Data Table (Click on the following icon in order to copy its contents into a spreadsheet.) January February March $140,000 100,000 170,000 April May June $300,000 275,000 180,000 July August $220,000 200,000 Print Done a. Prepare a cash budget for Lewis Printing covering the first 6 months of $23,500. Fill in the Collections for the month of January: (Round to the nearest dollar.) Nov Dec Jan Feb $200,000 $175,000 $140,000 $100,000 Mar Apr May June $170,000 $300,000 $275,000 $180,000 42000 Sales Collections: Month of sale (30%) First month (50%) Second month (20%) 87500 40000 Total Collections $ 169500 Fill in the Collections for the month of February: (Round to the nearest dollar.) Nov Dec Jan $200,000 $175,000 $140,000 Feb Mar Apr May June $100,000 $170,000 $300,000 $275,000 $180,000 Sales Collections: Month of sale (30%) First month (50%) Second month (20%) 42,000 30000 87,500 70000 40,000 35000 Total Collections $169,500 $ 135000 Fill in the Collections for the months of March through June: (Round to the nearest dollar.) Nov Dec Jan $200,000 $175,000 $140,000 Feb Mar Apr May June $100,000 $170,000 $300,000 $275,000 $180,000 Sales Collections: Month of sale (30%) First month (50%) Second month (20%) 42,000 30,000 51000 90000 82500 54000 87,500 70,000 50000 85000 150000 137500 40,000 35,000 28000 20000 34000 60000 Total Collections $169,500 $135,000 $ 129000 $ 195000 $ 266500 $ 251500 Fill in the Disbursements for the month of January: (Round to the nearest dollar.) Nov Dec Jan Feb Mar Apr May June Cash Disbursements: Purchases $ 70000 Rent 12000 25000 Other Expenses Tax Deposits 0 Interest on short-term loan 0 Total Disbursements $ 107000 Fill in the Ending Cash before Loan, Loan Borrowing, Loan Repayment, and the Ending Cash Balance for the month of January: (Round to the nearest dollar.) Nov Dec Jan May June $266,500 $251,500 Feb Mar Apr $169,500 $135,000 $129,000 $195,000 107,000 30,000 92500 Total Collections Total Disbursements Beginning Cash Balance Ending Cash before Loan Loan Borrowing Loan Repayment Ending Cash Balance 0 0 $ 92500 Fill in the Disbursements for the month of February: (Round to the nearest dollar.) Nov Dec Jan Feb Mar Apr May June Cash Disbursements: Purchases Rent Other Expenses Tax Deposits Interest on short-term loan $70,000 $ 119000 12,000 12,000 25,000 25,000 12,000 25,000 12,000 25,000 12,000 25,000 12,000 25,000 0 0 0 0 Total Disbursements $107,000 $ 156000 Fill in the Ending Cash before Loan, Loan Borrowing, Loan Repayment, and the Ending Cash Balance for the month of February: (Round to the nearest dollar.) Nov Dec Total Collections Total Disbursements Beginning Cash Balance Ending Cash before Loan Jan Feb Mar Apr May June $169,500 $135,000 $129,000 $195,000 $266,500 $251,500 107,000 156,000 30,000 92500 92,500 71500 Loan Borrowing 0 0 0 0 Loan Repayment Ending Cash Balance $92,500 71500 Fill in the Disbursements for the month of March: (Round to the nearest dollar.) Nov Dec Jan Feb Mar Apr May June Cash Disbursements: Purchases Rent Other Expenses Tax Deposits Interest on short-term loan $70,000 $119,000 $ 210000 12,000 12,000 12,000 25,000 25,000 25,000 0 0 23500 12,000 25,000 12,000 25,000 12,000 25,000 0 0 0 Total Disbursements $107,000 $156,000 $ 270500 Fill in the Disbursements for the month of March: (Round to the nearest dollar.) Nov Dec Jan Feb Mar Apr May June Cash Disbursements: Purchases Rent Other Expenses Tax Deposits $70,000 $119,000 $ 210000 12,000 12,000 12,000 25,000 25,000 25,000 0 0 23500 12,000 25,000 12,000 25,000 12,000 25,000 Interest on short-term loan 0 0 0 Total Disbursements $107,000 $156,000 $ 270500 Fill in the Ending Cash before Loan, Loan Borrowing, Loan Repayment, and the Ending Cash Balance for the month of March: (Round to the nearest dollar.) Nov Dec Total Collections Total Disbursements Beginning Cash Balance Ending Cash before Loan Jan $169,500 107,000 30,000 92,5001 Feb Mar Apr May June $135,000 $129,000 $195,000 $266,500 $251,500 156,000 270,500 92,500 71,500 71,500 Loan Borrowing 0 0 o 0 0 Loan Repayment Ending Cash Balance $92,500 $71,500 $