Solve the following problem on a single Excel worksheet. Show all your work. Use formulas for all calculations. Provide notation for all outside sources. From the following forecasts of income and expenditures, prepare a cash budget for the months January to April 2018. Months Sales Purchases Wages Manufacturing Administrative Selling expenses expenses expenses $15,000 $3,000 $1,150 $1,060 $500 2017 Nov. $30,000 Dec. 35,000 20,000 3,200 1,225 1,040 550 2018 Jan. 25,000 15,000 2,500 990 1,100 600 Feb. 30,000 20,000 3,000 1,050 1,150 620 1,220 March April 35,000 40,000 22,500 25,000 2,400 1,100 2,600 1,200 570 710 1,180 Additional information follows: 1. Customers are allowed a credit period of two months (i.e., 2 months same as cash). The discount for customers that pay cash is 2%. 40% of sales will be received in the month of the sale, 40% will be received 1 month after the sale, and 20% will be received 2 months after the sale. 2. A dividend of $ 10,000 is payable in April. 3. Capital expenditure which has to be incurred in January, we will buy a plant for $5,000, and in March we will buy a building on loan and its payment will be done with in monthly installments of $2,000 each (first payment due in April). 4. Creditors are allowing a credit period of 2 months (i.e., 2 months same as cash). Cash discount for purchases is 3%. 5. Wages are paid on the last day of the month. 6. Lag in payment of other expenses is one month. 7. Balance of cash in hand on 1st Jan. 2018 is $15,000. 8. The firm has a target cash balance of $12,500