Use the given information provided in the Cash Budget Problem Sheet in the Excel document to complete the Cash Budget Solution Sheet.

Lesson 9b Cash Budget Solution Spreadsheet Modify as necessary to make your cash budget look professional. Submit your cash budget typed in this Excel workbook. Lesson 9b Cash Budget Problem Some Company Cash Budget Given Information For theYear Ended December 31, 2020 Some Company has asked you to prepare a cash budget for the year 2020 using the following information: Projected cash balance at January 1 Cash balance desired December 31 50,000 65,000 Projected sales by quarter (collected 70% in the quarter of sale and 20% in the quarter after sale, with the remaining 10% uncollectible): Accounts recievable from 4th quarter 2019 (of which 20,000 is collectible and 10,000 is uncollectible) Sales Quarter 1 Sales Quarter 2 Sales Quarter 3 Sales Quarter 4 Projected 2020 sale of excess land: Original cost Accumulated depreciation Book value Cash expected to be received Gain on sale expected 30,000 145,000 250,000 160,000 240,000 40,000 0 40,000 75,000 35,000 Expected federal income tax refund from 2020 correction of error on 2018 tax return 14,000 Projected 2020 transactions, to be paid in 2020, unless otherwise noted: Purchases of merchandise inventory 410,000 Operating expenses: Sales and office salaries 121,000 Office utilities 9,000 Insurance expense (taken from Prepaid Insurance) 6,500 Depreciation of building and equipment 55,000 Amortization of copyright 15,000 Purchases of office equipment 20,000 Cash dividend (declared in December 2020; to be paid in January 2021 28,000 The company has a line of credit at the bank which allows borrowing up to $500,000. Currently, the company has loans of $250,000 taken out two years ago at 10% interest. Interest is due quarterly on March 31, June 30, September 30 and December 31