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:C6)", 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. Open Excel in new tab B42 Excel McGraw Hill Excel Question - Saved Search (Option + Q) File Home Insert Draw Formulas Data Review View Help Calibri xvsx 11 v Editing Merge General Comments +0 .00 .00 0+ 2. B c D E F G H 1 McGraw Hill x 1 S&P Enterprises needs a cash budget for March. The following information is available. 2 3 Data January February March 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account $1,600 25,000 $3,750 $5,100 7 Total Sales $26,600 30,000 $33,750 40,000 Your timed assignment clock is still counting down. To see how much time you have remaining, click on your original Connect assignment tab. $45,100 8 9 Accounts Receivable Collections: 10 Month of sale 15% 11 Month following sale 60% 12 Second month following sale 22% 13 Uncollectible 3% 14 Accounts payable for inventory purchases, March 1 balance $10,500 15 Budgeted inventory purchases in March $23,500 16 Inventory payments: 17 Month of purchase 18 Month following purchase 60% 40% 19 21 20 Total budgeted selling & administrative expenses in March (including depreciation) Budgeted depreciation in March (included in total selling and admin exp) $12,500 $3,200 22 Check Answers Check My Work Legend Graded cell: Leave blank if no answer is needed. Scratchpad: Use as a non-graded workspace 23 Other budgeted cash disbursements in March 24 Equipment purchases 25 Dividends to be paid 26 27 Minimum cash balance to be maintained 28 March 1 cash balance 29 March 1 outstanding borrowings 30 March 1 interest due 31 32 The company has a line of credit available to bolster the cash balance as needed. 33 $14,000 $2,000 $10,000 $11,500 $0 $0 34 When preparing budgets, the company maintains their data on a separate sheet from the actual budget and schedules. 35 36 Required: 37 Click the Schedules and Cash Budget tab to prepare the following: 38 1. Schedule of expected cash collections for March. 39 2. Schedule of expected cash disbursements for inventory purchases for March. 40 41 42 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 D7 and A10 to 830 from the given information, as well as A3 to C34 from the Schedules and Cash Budget to 43 complete this question.) 44 45 46 47 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 48 Nothing in this area will be graded, but it will be submitted with your assignment. 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 B8 Excel McGraw Hill Excel Question Saved Search (Option+ Q) Help Editing File Home Insert Draw Formulas Data Review View Calibri 11 B X fx A 1 2 Expected cash collections: 3 March cash collections 4 March collections on account: 5 January sales 6 February sales 7 March sales 8 Total cash collections 9 10 Payments to suppliers: 11 Accounts payable for inventory purchases, beginning balance 12 March purchases 13 Total cash payments 14 15 16 17 18 Cash balance, March 1 Collections from customers S&P Enterprises Cash Budget For the Month of March 19 Add cash receipts: 20 21 Total cash available 22 Less disbursements: 23 24 25 26 Payments to suppliers Selling and administrative expenses Equipment purchases Dividends paid 27 Total disbursements 28 Preliminary cash balance 29 Financing: 30 Additional loan 31 Loan repayments 32 Interest 33 Total financing 34 Cash balance, March 31 35 36 37 v Merge Currency B C D E F G H 38 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 39 Nothing in this area will be graded, but it will be submitted with your assignment. 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 +0 1 J K McGraw Hill Ov Comments Your timed assignment clock is still counting down. To see how much time you have remaining, click on your original Connect assignment tab. Check Answers Check My Work Legend Graded cell: Leave blank if no answer is needed. Scratchpad: Use as a non-graded workspace