S&P Enterprises has provided data from the first three months of the year. The Controller has asked you to prepare the Cash Budget and the related Schedules for Expected cash collections and Payments to suppliers. Here are some tips for using Excel: . Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered =B5 into a blank cell, the formula would output the value from cell B5. Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if in a blank cell on the Sheet1 tab ='Future Value of $1!C13 was entered, the formula would output the result from cell C13 in the Future Value of $1 tab, or 1.10462 in this example. Basic Math Functions: Allow you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). For example, if you entered "=B4+B5 in a blank cell, the formula would add the values from those cells and output the result. SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered =SUM(C4,C5,C6) into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered =SUM(C4:06)", the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. S&P Enterprises needs a cash budget for March. The following information is available. January February March Data Actual January and February and expected March sales: Cash sales Sales on account Total Sales $1,600 25,000 $26,600 $3,750 30,000 $33,750 $5,100 40,000 $45,100 Accounts Receivable Collections: Month of sale Month following sale Second month following sale Uncollectible Accounts payable for inventory purchases, March 1 balance Budgeted inventory purchases in March Inventory payments: Month of purchase Month following purchase 15% 60% 22% 3% $10,500 $23,500 60% 40% Total budgeted selling & administrative expenses in March (including depreciation) Budgeted depreciation in March (included in total selling and admin exp) $12,500 $3,200 Other budgeted cash disbursements in Equipment purchases Dividends to be paid $14,000 $2,000 Minimum cash balance to be maintained March 1 cash balance March 1 outstanding borrowings March 1 interest due $10,000 $11,500 $0 $0 The company has a line of credit available to bolster the cash balance as needed. When preparing budgets, the company maintains their data on a separate sheet from the actual budget and schedules. Required: Click the Schedules and Cash Budget tab to prepare the following: 1. Schedule of expected cash collections for March. 2. Schedule of expected cash disbursements for inventory purchases for March. 3. Cash budget for March. Indicate in the financing section any borrowing that will be needed in March. Assume that any interest will not be paid until the following month. (Use cells A4 to B31 from the given information to complete this question.)
