Prepare a cash budget for the year 2020 usign the information provided above.

Thank you!

Some Compan Cash B udget Given Information For theYear Ended December 31, 2020 are a cash budget for the year 2020 using the Some Company has asked you to prep following information: Proiected cash balance at January 1 Cash balance desired December 31 Projected sales by quarter (collected 70% in the quarter of sale and 50,000 65,000 20% in the quarter after sale, with the remaining 10% uncollectible Accounts recievable from 4th quarter 2019 (of which 20,000 is collectble and 10,000 is uncollectible ale euarter 1 Sales Quarter 2 Sales Ouarter 3 30,000 145,000 250,000 160,000 240,000 Sales Ouarter 4 Proiected 2020 sale of excess land 40,000 Original cost Accumulated depreciation Book value Cash expected to be received 40,000 5.000 35,000 Gain on sale expected Expected federal income tax refund from 2020 correction of error on 2018 tax retum 14,000 Projected 2020 transactions, to be paid in 2020, unless otherwise oted: Purchases of merchandise invento Operating expenses: 410,000 Sales and office salaries Office utilities Insurance expense (taken from Prepaid Insurance Amortization of copvright 121,000 9.000 6,500 55,000 15,000 20,000 ecation of bilding and equipment Purchases of office Cash dividend (declared in December 2020; to be paid in January 2021 The company has a line of credit at the bank which allows borrowing up to $500,000 Currently, the company has loans of $250,000 taken out two years ago at 10% interest. Interest is due quarterly on March 31, June 30, September 30 and December 31 28,000