The Ivanhoe Company is in a seasonal business and prepares quarterly budgets. Its fiscal year runs from January 1 through December 31. Production occurs only in the first quarter (January to March), but sales take place throughout the year. The sales forecast for the coming year shows the following: First quarter $486,000 Third quarter $486,000 Second quarter 300,000 Fourth quarter 486,000 There are no cash sales, and the beginning balance of receivables is expected to be collected in the first quarter. Subsequent collections are two-thirds in the quarter when sales take place and one-third in the following quarter. The company makes materials purchases valued at $401,000 in the first quarter, but makes no purchases in the last three quarters. It makes payment when it purchases the materials. Direct labour of $350,000 is incurred and paid only in the first quarter. Factory overhead of $336,000 is also incurred and paid in the first quarter, and is at a standby level of $100,000 during the other three quarters. Selling and administrative expenses of $35,000 are paid each quarter throughout the year. Ivanhoe has an operating line of credit with its bank at an interest rate of 5% per annum. The company plans to keep a cash balance of at least $10,000 at all times, and it will borrow and repay in multiples of $5,000. It makes all borrowings at the beginning of a quarter, and makes all payments at the end of a quarter. It pays interest only on the portion of the loan that it repays in a quarter. The company plans to purchase equipment in the second and fourth quarters for $69,000 and $151,000, respectively. The cash balance on January 1 is $24,000 and accounts receivable total $148,000. Prepare a cash budget for the year. Show receipts, disbursements, the ending cash balance before borrowing, the amounts borrowed and repaid, interest payments, and the ending cash balance. (Round answers to the nearest whole dollar, e.g. 5,275.) THE IVANHOE COMPANY Cash Budget For the Four Quarters Ending December 31 Quarter 1 2 3 4 select an opening cash budget item $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount select between addition and deduction : select an opening name for section one select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing name for section one enter a total amount for section one enter a total amount for section one enter a total amount for section one enter a total amount for section one select a summarizing line for the first part enter a total amount for the first part enter a total amount for the first part enter a total amount for the first part enter a total amount for the first part select between addition and deduction : select an opening name for section two select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing name for section two enter a total amount for section two enter a total amount for section two enter a total amount for section two enter a total amount for section two select a summarizing line for the second part enter a total amount for the second part enter a total amount for the second part enter a total amount for the second part enter a total amount for the second part select an opening name for section three : select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select between addition and deduction : select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select between addition and deduction : select a cash budget item enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing name for section three enter a total amount for section three enter a total amount for section three enter a total amount for section three enter a total amount for section three select a closing cash budget item $enter a total amount for the cash budget