S&P Enterprises needs a cash budget for March. The following information is available.

Data January February March

Actual January and February and expected March sales:

Cash sales $$1,600$ $$3,750$ $$5,100$

Sales on account $25,00030,00040,000$

Total Sales $$26,600$ $$33,750$ $$45,100$

Accounts Receivable Collections:

Month of sale $15\%$

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$)$ $$12,500$

Budgeted depreciation in March $($included in total selling and admin exp$)$ $$3,200$

Other budgeted cash disbursements in March

Equipment purchases $$14,000$

Dividends to be paid $$2,000$

Minimum cash balance to be maintained $$10,000$

March $1$ cash balance $$11,500$

March $1$ outstanding borrowings $$0$

March $1$ interest due $$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 A$4$ to D$7$ and A$10$ to B$30$ from the given information, as well as A$3$ to C$34$ from the Schedules and Cash Budget to complete this question.$)$

Accessibility tab summary: Financial information for S and P enterprises, is presented in cells A$3$ to D$7$ and rows $9$ to $30.$ A statement for requirement is presented in rows $36$ to $43.$ A table of expected cash collections for student presentation is presented in cells A$2$ to B$8.$ A table for payment to suppliers for student presentation is presented in cells A$10$ to B$13.$ The cash budget for student presentation is presented in cells A$15$ to C$34.$

Expected cash collections:

March cash collections $$5,100$

March collections on account:

January sales $5,500$

February sales $18,000$

March sales $6,000$

Total cash collections $$28,600$

Payments to suppliers:

Accounts payable for inventory purchases, beginning balance $$23,500$

March purchases $14,100$

Total cash payments $$23,500$

S&P Enterprises

Cash Budget

For the Month of March

Cash balance, March $1$ $$0$

Add cash receipts:

Collections from customers $6,000$

Total cash available $6,000$

Less disbursements:

Payments to suppliers $$14,100$

Selling and administrative expenses $3,200$

Equipment purchases $2,000$

Dividends paid $0$

Total disbursements $19,300$

Preliminary cash balance $(13,300)$

Financing:

Additional loan $24,800$

Loan repayments $0$

Interest $0$

Total financing $24,800$

Cash balance, March $31$ $$11,500$

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