S&P Enterprises needs a cash budget for March. The following information is available. Data Actual January and February and expected March sales: Cash sales Sales on account Total Sales Accounts Receivable Collections: Month of sale January February March $1,600 $3,750 $5,100 25,000 30,000 40,000 $26,600 $33,750 $45,100 15% Month following sale 60% Second month following sale 22% Uncollectible 3% Accounts payable for inventory purchases, March 1 balance $10,500 Budgeted inventory purchases in March $23,500 Inventory payments: Month of purchase 60% Month following purchase 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 March Equipment purchases Dividends to be paid $14,000 $2,000 Minimum cash balance to be maintained $10,000 March 1 cash balance March 1 outstanding borrowings $11,500 $0 March 1 interest due $0 The company has a line of credit available to bolster the cash balance as needed.