Problem 2 Penny Co. has estimated the following information for the first quarter of 20XX. Use the applicable data below to prepare a Quarter 1, 20XX Cash Budget for Penny Co. in the space provided. All expenses are paid in the same month they are incurred January 1 Cash $50,000 Utilities Expense $6,000 Balance Purchas $60,000 Rent Expense $12,000 e of Equipm ent Salaries $32,000 Insurance Expense $8,000 Expense Depreci $10,000 Supplies Expense $1,000 ation Expense Cash $85,000 Proceeds from security sales $9,000 Collecti ons In the space below, complete a cash budget. In the space below, complete a cash budget. Use the following template to help with your answer. January 1 Cash Balance Cash Receipts List out any receipts the company has Total Cash available (cash balance plus receipts) Cash Expenses List out any expenses the company has (EXCLUDE NON CASH EXPENSES) Total Cash Distributions Excess Cash Borrowings (none) Repayments (none) Ending Cash