The accountant for Lizzies Dress Shop prepared the fourth quarter cash budget that appears on the following spreadsheet. Maddies has a policy to maintain a minimum cash balance of $14,000 before interest payment at the end of each month. The shop borrows and repays funds on the first day of the month. The interest rate is 2 percent per month.

Help please, I don't know how to calculate Burrowing or interest expense. Thank you

Excel Project 3 The accountant for Lizzie's Dress Shop prepared the fourth quarter cash budget that appears on the following spreadsheet. Maddie's has a policy to maintain a minimum cash balance of $14,000 before interest payment at the end of each month. The shop borrows and repays funds on the first day of the month. The interest rate is 2 percent per month. Required Construct a spreadsheet to model the cash budget as in the following screen capture. Be sure to use formulas where possible so that any changes to the estimates will be automatically reflected in the spreadsheet. The cells in blue are inputs. Everything else should be a formula. 1 Excel 3 - Microsoft Excel File Home Insert Page Layout Formulas Data Review View Acrobat Calibri 11 === General Insert A AA ES Delete- Paste Styles Sort & Find & A Format 2. Filter Select Clipboard Font Alignment Number Cells Editing B29 A B D E F . 1 Chapter 22 - Working with Excel Name: Murphy 2 3 Desired cash cusion $ 14,000 4 Interest rate per month 2% 5 6 Beginning loan balance $ 72,806 $ 103,152 $ 108,615 7 8 October November December 9 Beginning cash balance $ 12.454 $ 11,937 $ 11,828 10 Add cash receipts 164,000 192.000 230.000 11 Cash available before current financing activity (a) 176,454 203,937 241,828 12 Less disbursements 13 For inventory purchases 150,800 139,000 162,800 14 14 For S & A expenses 42,000 56,400 58,400 15 Total budgeted disbursements (b) 192,800 195,400 221,200 16 Payments minus receipts 17 Surplus (shortage) (16,346) 8,537 20,628 18 Needed cash cushion 14,000 14.000 14,000 19 Financing activity 20 Borrowing (repayment) (c) 30,346 5,463 (6,628) 21 Interest expense (d) 2,063 2.172 2,040 22 Ending cash balance (a-b+c-d) $ 11,937 $ 11,828 $ 11,960 23 24 Loan balance $ 103,152 $ 108,615 $ 101,987 25 26 * Inputs 27 N N Sheet1 Sheet2 Sheet3 D Ready 100% Spreadsheet Tips 1. Rows 11, 15, 17, 18, 20, 21, 22, and 24 should be formulas. 2. Cells F6, H6, F9, and H9 should be formulas also. For example, F6 should be =D24