The accountant for Nelly$$s Dress Shop prepared the fourth quarter $2017$ cash budget below. Nelly$$s has a policy to maintain a minimum cash balance of $$14,000$ before the 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

Complete the spreadsheet below. Be sure to use formulas where possible so that any changes to the estimates will be automatically reflected in the spreadsheet.

Spreadsheet Tips

Rows $21,25,27,28,30$ to $32,$ and $34$ should be based on formulas.

Cells C$16,$ D$16,$ C$19,$ and D$19$ should be based on formulas also. For example, cell C$16$ should be $=$B$34.$

Explore the power of formulas by copying cells B$13$:D$34$ into the scratchpad area below. There you will be able to modify the Desired cash cushion and Interest rate per month $($currently in cells B$13$:B$14)$ and see the resulting changes in the cash budget.

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