Prepare a spreadsheet to provide: A cash budget for North Sea Seafood for January through June of 2020 based on the following information: Sales: November 2019 December January 2020 February March April May June $450,000 620,000 380,000 510,000 490,000 300,000 380,000 300,000 280,000 July The credit manager says that our collection pattern is as follows: 60% of Sales are cash sales 75% of new Accounts Receivable are collected in 30 days 20% of new Accounts Receivable are collected in 60 days 5% of new Accounts Receivable are bad debts and will not be received. Purchases are equal to 60% of the following month's sales. North Sea Seafood takes pride in paying their suppliers in a timely fashion. 80% of Purchases are paid in the same month as the purchase and the balance is paid in the following month. Monthly selling and administrative expense are as follows: (hint...it's a cash budget) Salaries Wages Communications Amortization Rent Expense Utilities Expense Office Supplies Expense Interest $125,000 25% of the current month's sales 800 5,000 4,700 700 200 2,500 Other cash outlays: Taxes Purchase of new equipment $14,000 in January and April $19,000 in February and $9,900 in May The cash balance on January 1 is $25,000. There is a loan outstanding on January 1 of $38,000. The minimum cash balance is $25,000. Any cash balance exceeding this minimum would be used to pay down the outstanding loan. Any cash balance over $65,000 will be invested in GIC's. A balance between the minimum and the maximum must be maintained