S\&P Enterprises needs a cash budget for March. The following information is availat le. 9 Accounts Receivable Collections: \begin{tabular}{|r|l|r|} \hline 10 & Month of sale & 15% \\ \hline 11 & Month following sale & 60% \\ \hline 12 & Second month following sale & 22% \\ \hline 13 & Uncollectible & $3% \\ \hline 14 & Accounts payable for inventory purchases, March 1 balance & $10,500 \\ \hline 15 & Budgeted inventory purchases in March & $23,500 \\ \hline \end{tabular} Inventory payments: Month of purchase 60% Month following purchase 40% \begin{tabular}{lrr} \hline Total budgeted selling \& administrative expenses in March (including depreciation) & $12,500 \\ \hline Budgeted depreciation in March (included in total selling and admin exp) & $3,200 \\ \hline \end{tabular} Other budgeted cash disbursements in March Equipment purchases Dividends to be paid Minimum cash balance to be maintained $10,000 Budget Data Schedules and Cash Budget + Calculation Mode: Automatic Workbook Statistics Preparing a Cash Budget with Supporting Schedules 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'IC13" 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. M Question 1 - Ch 8: Excel - Connect x Integrated Excel Tool A1 fx S\&P Enterprises needs a cash budget for March. The following information is available. \begin{tabular}{|l|l|r|} \hline \multicolumn{1}{|c|}{ A } & \multicolumn{1}{c|}{ B } \\ \hline 27 & Minimum cash balance to be maintained & $10,000 \\ \hline 28 & March 1 cash balance & $11,500 \\ \hline 29 & March 1 outstanding borrowings & $0 \\ \hline 30 & March 1 interest due & $0 \\ \hline 31 & & \\ \hline \end{tabular} 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.) 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. Nothing in this area will be graded, but it will be submitted with your assignment. > Budget Data Schedules and Cash Budget + Calculation Mode: Automatic Workbookstatistics