Please work according to the table below in excel

2	DISBURSEMENT	OKT	NOV	DEC	TOTAL
*	DIRECT MATERIAL PURCHASES
	SEPT
	OKT
	NOV
	DEC
	Total Cash Disbursement
3	CASH BUDGET	OKT	NOV	DEC	TOTAL
	Beginning Cash Balance
*	Total Cash Collection
*	Cash Disbursment
	Purchasing Material
	Interest Payment
	Purchasing Supplies
*	Cash Borrowing
	Ending Cash Balance

The following data has been gathered from Time Co. to assist in the preparation of a cash budget for the fourth quarter of 2020. i. The projected sales and the projected direct material purchases. Sales Purchase Month (in dollar amount) (in kgs) August 22,000 3,000 September 22,800 3,200 October 25,600 3,400 November 26,000 3,800 December 28,400 4,000 ii. Each month, 30% of sales are for cash and the remaining are on credit. The collection pattern for credit sales is 40% in the month of sale, 35% in the following month, and 20% in the second month following the sale. The company record bad debt expense every month. iii. The company purchased direct materials on account. The purchase price per kg is $7. Company pays 70% of accounts payable in the month of purchase and get a 5% discount. The remaining is paid for in the following month. iv. The company borrowed $80,000 from bank since January 1, 2018. The borrowing period was 5 years. The annual interest rate was 10%. The company paid interest expense quarterly. On October 30, new supplies will be purchased for $8,000 on cash. vi. The cash balance on September 30 is $25,000. vii. A minimum cash balance is required for the end of each quarter of $25,000. Money can be borrowed $10,000 on the next beginning of quarter, interest is 10% per year and pay annually. Required: Prepare a cash budget for the fourth quarter of 2020. Give a supporting schedule that details the cash collections from sales and the cash payment for direct materials purchase. V