Preparation of a cash budget) The Sharpe Corporation's projected sales for the first eight months of 2014 are as follows: Of Sharpe's sales, 10 percent is for cash, another 60 percent is collected in the month following the sale, and 30 percent is collected in the second month following the sale. November and December sales for 2013 were $219,400 and $174,700, respectively Sharpe purchases its raw materials two months in advance of its sales equal to 60 percent of their final sales price. The supplier is paid one month after it makes delivery. For example, purchases for April sales are made in February and payment is made in March. In addition, Sharpe pays $9,000 per month for rent and $20,900 each month for other expenditures. Tax prepayments of $22,600 are made each quarter, beginning in March. The company's cash balance at December 31, 2013, was $21,400; a minimum balance of $15,000 must be maintained at all times. Assume that any short-term financing needed to maintain the cash balance is paid off in the month following the month of financing if sufficient funds are available. Interest on short-term loans (10 percent) is paid monthly. Borrowing to meet estimated monthly cash needs takes place at the beginning of the month. Thus, if in the month of April the firm expects to have a need for an additional $61,950, these funds would be borrowed at the beginning of April with interest of $516(i.e., 0.10x 1/12x61,950) owed for April being paid at the beginning of May. a. Prepare a cash budget for Sharpe covering the first seven months of 2014. b. Sharpe has $199,500 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have sufficient cash to repay the notes