Question: Prepare a Cash Budget for the three months (Jan-Mar) Estimated Receipts January Feb March Sales Note 1,080,000.00 1,240,000.00 970,00o.00 10% of sales are cash sales Of all credit sales, 60% are collected during the month of sale Of all credit sales, 40% are collected from prior month's sales on account Opening Accounts Receivable January 2012 is $370,000 Estimated cash payments January Feb March Purchases Budgeted Manufacturing Costs Depreciation included in Manufacturing Costs 840,00o.00 24,000.00 780,00O.00 812,000.00 24,000.0024,00o.00 Notes Accounts payable, Jan 1, 2012 Payments of manufacturing costs on account From prior month's manufacturing costs From current month's manufacturing costs 190,000.00 25% 75% 1 00% Additional Information for Elite Accessories Inc: Cash balance on January 1, 2012 Quarterly interest expenses paid Jan 10, 2012 Quarterly taxes paid March 31 2012 Quarterly revenue received March 21, 2012 Sweing equipment purchasedd in Feb 2012 Selling and admininstrative expenses (paid in month incurred) 280,00o.00 22,500.00 150,000.00 22,500.00 24,500.00 Jan-12 160,000.00 Feb-12 165,000.00 145,000.00 Mar-12