Q1 BB Corp sells waterproof winter jackets. Sales are 20% cash sales and 80% credit sales (A/R). Of the credit sales, BB noted that 25% pay in the same month as the sale, 55% pay the month after the sale and 15% pay two months after the sale (5% of the credit sales are never collected in cash). Last year (2022), November sales were $90,000 and December sales were $100,000. Forecasted 2023 sales are shown below. Prepare the cash collections budget for the first quarter (Q1 2023), showing a column for each month (Jan, Feb, March) and a totals column for Q1. January $150,000 February $140,000 March $180,000

Q2 Ace Co manufactures car component parts. Prepare a Combined Cash Budget for the fourth quarter, considering the data and info below: Cash collections in October, November and December are expected to be $95,000, $125,000 and $100,000 respectively. Cash payments for Q4 are projected to be $138,000 in October, $112,000 in November and $60,000 in December. On October 1, the cash balance is expected to be $25,000. Ace Co must have a minimum cash balance of $25,000. In months when cash is below this level, Ace can borrow money at an interest rate of 1% PER MONTH. Ace pays back borrowed money on the last day of the month after it is borrowed (if there are excess funds, over $25,000). Funds are borrowed in increments of $1000.