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Requirements 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 15% in the month following the sale, and 25% in the second month following the sale. What is the balance in Accounts Receivable on March 31 ? Marcel Company projects the following sales for the first three months of the year: $12,400 in January; $12,300 in February; and $16,300 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. used, leave the inpelf feld empiy. Do not entar a zoto 1 Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Data table Yandell has $12,500 in cash on hand on January 1 and has collected the following budget data: (Click on the icon to view the budget data.) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Yandell has cash payments for selling and administrative expenses including salaries of $60,000 per month plus commissions that are 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $10,000. Prepare a cash budget for January and Fobruary. Round to the nearest dollar. Wili Yandell need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February. (Complete all input fields. Enter a "O" for any zero batances. Round all amounts entered into the cash budget to the nearest whole doillar.) Yandell Company Cash Budget Two Months Ended January 31 and February 28 \begin{tabular}{l} Beginning cash balance \\ Cash receipts \\ Cash available \\ Cash payments: \\ Purchases of direct materials \\ Direct labor \\ Manufacturing overhead \\ Selling and administrative expenses \\ \hline Total cash payments \\ \hline Ending cash balance before fi nancing \\ Minimum cash balance depsired \\ \hline Projected cash excess (defi ciency) \\ Financing: \\ Borrowing \\ \hline Principal repayments \\ \hline Total effects of financing \\ \hline Ending cash balance \\ \hline \hline \end{tabular}