Project $1$ Cash Budget Overview: In corporate finance, students need to be able to prepare a cash budget and understand financial statements Purpose: The purpose for this project is to prepare cash budgets. Requirements: Complete the attached FIN$101$ Cash Budget Excel spreadsheet using the information below. Make sure you include the cumulative loan balance and ending cash balance from the net cash flow. Some of the columns are already completed to help you get started. Cash in: Sales $($in $000\text{'}$s$)$ JAN $|$ FEB $|$ MAR $|$ APR $|$ MAY $|$ JUN $|$ JUL $|$ AUG $|$ SEP $|$ OCT $|$ NOV $|$ DEC $$200$ $$230$$$150$ $$210$ $$220$ $$170$$$160150$$$180$ $$210$ $$220$ $$210$ No Cash Sales ACCTS REC: $50\%$ of sales from the previous month ACCTS REC: $50\%$ of sales from the second previous month $($go back $2$ months$)$ Cash out: MATERIALS AND SUPPLES: $70\%$ of monthly sales PAYMENTS: $100\%$ OF Materials and Supplies paid $1$st previous month following sale SALARIES AND OVERHEAD: $$40,000$ per month INTEREST: $$12,000$ PER YEAR$-$$$1,000$ per month DIVIDENDS: $$12,000$ PER YEAR$-$ $$1,000$ per month TAXES: $$1,200$ per quarter CAPITAL EXPENDITURE none this year BEGINNING CASH BALANCE: $$10,000$ must maintain $$10,000$ per month in cash STARTING LOAN BALANCE: $$100,000.$ Fill in the collums for the rest of the months.