plus march and quarter

George Robinson, Marigold & Kenneth Fabricators budget director, has received budget information from several managers and is preparing the company's cash budget. Collections from sales Payments for direct materials Payments for direct labor Payments for manufacturing overheads Payments for Selling & administrative expenses January 476.200 80,505 98.640 78,490 111,400 February 563.860 253,125 103.680 78,980 116,440 March 638,720 280,730 116,640 80.240 123.160 Quarter 1.678.780 614,360 318,960 237,710 351,000 In addition to the information he received from these managers, George knows the following: Marigold & Kenneth plans to have $32,400 in its cash account on January 1. Marigold & Kenneth plans to purchase and pay cash for a piece of land in January at a cost of $86,000. Marigold & Kenneth plans to make a cash purchase of equipment in March at a cost of $30,000. Marigold & Kenneth's income taxes from last quarter totaling $26,400 will be paid in January Marigold & Kenneth is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Marigold & Kenneth has negotiated with the First National Bank to provide a $175,000 line of credit that can be borrowed against in $1,000 Increments on the first day of the month. Any repayments on the line of credit must also be made in $1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 6%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Marigold & Hill's cash budget for the first quarter. (Round answers to decimal places, eg. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) January February M Beginning cash balance $ Collections from sales Total cash available to spend Less V Disbursements Payments for direct materials Direct labor Manufacturing overhead Selling & administrative expenses Land and Equipment purchases V Income taxes Total cash disbursements Cash excess deficiency) Minimum cash balance Cash excess deficiency) Financing Borrowings Repayments Dividends Total financing Ending cash balance $ $ e Textbook and Media Assistance Used e Textbook Video 1