Projected sales for $2024$ were given The annual budgeted profit for this online business is just over $$65,000.$ Projected future sales for $2024$ are as follows

January $90,000$

February $105,000$

March $142,500$

April $188,000$

May $200,000$

June $295,000$

July $120,000$

August $135,000$

September $172,000$

October $178,000$

November $142,000$

December $140,000$

Cash receipts from online sales of Panda Pet Food are budgeted at $60\%$ for the month of sale, $25\%$ for the month following the sale, and $14\%$ for the second month after the sale. It is expected that $1\%$ of the sale proceeds will not be recovered. Panda Pet Food Online pays for inventory in the month of sale with an average markup of $50\%$ of cost$.$ Panda Online utilizes a just$-$in$-$time inventory system with no carryover inventory. Other monthly expenses are as follows

Monthly Costs

Warehouse rent $25,000$

Salary $15,000$

Other $7,500$

Panda Online expects to begin the calendar year with $$9,575$ cash on hand. Sales for the months of November and December before the budget are projected to be $$132,000$ and $$130,000$ respectively.

$1.$ Prepare a cash budget for Panda Online for the current fiscal year using an Excel spreadsheet.