Please help me ...This is a copy of what it looks like. All fields need to be filled in properly. I have attached additional information below.

Nicole's Knives

Cash Budget

For the year ended December 31, 2020

First Quarter Second Quarter Third Quarter Fourth Quarter Total

Beginning cash balance

Cash receipts

Cash available

Cash payments:

Total cash payments before interest

Interest expense

Total cash payments

Ending cash balance before financing

Minimum cash balance desired

Projected cash excess (deficiency)

Financing:

Borrowing

Total effects of financing

Ending cash balance

ADDITIONAL DATA/INFO:

Nicole's Knives

Balance Sheet

December 31, 2019

ASSETS

Current Assets:

Cash $35,000

Accounts Receivable 32,000

Raw Materials Inventory 8,400

Finished Goods Inventory 15,600

Total Current Assets $91,000

Property, Plant, and Equipment:

Equipment 168,000

Less: Accumulated Depreciation (68,000) 100,000

Total Assets $191,000

LIABILITIES

Current Liabilities:

Accounts Payable 17,000

STOCKHOLDERS' EQUITY

Common Stock 140,000

Retained Earnings 34,000

Total Stockholders' Equity 174,000

Total Liabilities & Stockholders' Equity $191,000

EVEN MORE INFO:

The company currently sells chef's knives for $75 each, and plans to keep the sales price the same in 2020. Budgeted sales are 1,100 knives for the first quarter of 2020 and are expected to increase by 200 knives per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account.

Finished Goods Inventory on December 31, 2019, consists of 600 knives at a cost of $26 each. The FIFO inventory costing method is used.

Desired ending Finished Goods Inventory is 20% of the next quarter's sales. First quarter sales for 2021 are expected to be 1,900 knives.

Raw Materials Inventory on December 31, 2019 consists of 1,200 pounds of steel used to manufacture the knives.

Direct materials requirements are 2 pounds of steel per knife. The cost of the steel is $7 per pound.

Desired ending Raw Materials Inventory is 20% of the next quarter's direct materials needed for production. Desired ending inventory for December 31, 2020 is 1,200 pounds of steel.

Each knife requires 0.60 hours of direct labor. Direct labor costs average $25 per hour.

Variable manufacturing overhead is $3 per knife.

Fixed manufacturing overhead includes $5,500 per quarter in depreciation and $13,061 per quarter for other costs, such as utilities, insurance, and property taxes.

The company uses direct labor hours as the allocation base to allocate overhead costs.

Fixed selling and administrative expenses include $12,500 per quarter for salaries, $5,400 per quarter for rent, $1,050 per quarter for insurance, and $500 per quarter for depreciation.

Variable selling and administrative expenses include supplies expense at 2% of sales.

Cash receipts for sales on account are 65% in the quarter of the sale and 35% in the quarter following the sale. The balance of Accounts Receivable at December 31, 2019 is expected to be received in the first quarter of 2020.

Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter. The balance of Accounts Payable at December 31, 2019 is expected to be paid in the first quarter of 2020.

Direct labor, manufacturing overhead, and selling and administrative expenses are paid in the quarter incurred.

Income tax expense is projected at $4,000 per quarter and is paid in the quarter incurred.

Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in full in the first quarter.

The company does not project any dividends to be declared or any additional stock to be issued during 2020.

The company wants to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter. Principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000. Interest is 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter.

EVEN MORE: