Toronto Globe Co. sells mini snow globes. Budgeted information for the quarter ended March 31,2023 is: Sales \begin{tabular}{|rr|rr|r|r|} \multicolumn{2}{c|}{ January } & \multicolumn{2}{c|}{ February } & \multicolumn{2}{c}{ March } \\ \hline$ & 90,000 & $ & 110,000 & $ & 80,000 \\ \hline$ & 40,000 & $ & 80,000 & $ & 60,000 \\ \hline$ & 30,000 & $ & 25,000 & $ & 35,000 \\ \hline & 20% & 20% & 20% \\ \hline$ & 8,000 & $ & 8,000 & $ & 8,000 \\ \hline \end{tabular} Additional information: - Purchases are paid for 75% in the month of purchase and 25% in the month after the purchase. The accounts payable balance of $10,000 at the end of December 2022 will be paid in full in January 2023. - Assume all applicable variable and fixed sell \& admin expenses are paid in the month incurred. - Fixed sell \& admin expenses include depreciation expense of $5,000 per month (this is a non-cash expense!) - An annual insurance premium of $6,000 is paid in full in January every year. - A cash dividend of $5,000 will be paid in February. - New equipment will be purchased for cash in January and March - $500 each time. - The cash balance at December 31 is estimated to be $12,000. - The company has access to a 9\% APR line of credit up to \$30,000 to use to obtain financing as required. Assume any borrowing and/or repayments are always done at the end of each applicable month. - Management must maintain a minimum cash balance of $12,000 at the end of any month. a) Complete the Cash Budget for the quarter ended March 31,2023. HINTS: Make a Schedule of Cash Payments - Purchases before you complete your Cash Budget. This will help you determine the cash payments for your cash budget. Use any blank space on this worksheet to do this. Depreciation is a non-cash expense Ending cash March 31, 2023 should be $23,600 CASH BUDGET \begin{tabular}{|l|l|l|l|} \hline January & February & March & Total \\ \hline \end{tabular} b) What will the Accounts Payable be at March 31, 2023? A/P Balance, March 31, 2023 c) Identify 2 reasons why preparing a budget is an effective way to help a company succeed