Waverly Welding Manufacturing Ltd. is a company that manufactures and sells a single

product. For planning and control purposes they utilize a monthly master budget, which

is usually developed at least six months in advance of the budget year. Their fiscal year

end is April 30.

The sales forecast consisted of these few lines:

• For the year ended April 30, 2021: 475,000 units at $10.00 each*
• For the year ended April 30, 2022: 600,000 units at $10.00 each
• For the year ended April 30, 2023: 600,000 units at $10.00 each

*Expected sales for the year ended April 30, 2021 are based on actual sales to date and

budgeted sales for the duration of the year.

Your investigations of the company's records have revealed the following information:

1. Peak months for sales correspond with gift-giving holidays. History shows that

January, March, May and June are the slowest months with only 3% of sales for

each month. Sales pick up over the summer with July, August and September each

contributing 4% to the total. Valentine's Day in February boosts sales to 12%, and

Easter in April accounts for another 8%. As Christmas shopping picks up

momentum, winter sales start at 14% in October, move to 20% in November and

then peak at 22% in December. This pattern of sales is not expected to change in

the next two years.

2.From previous experience, management has determined that an ending inventory of finished goods equaling 25% of the next month's sales is in order to fit their

customers' demands.

3.Because sales are seasonal, Waverly Welding Manufacturing must rent an additional storage facility from October to January to house the additional finished goods inventory on hand. The only related cost is a flat $8,000 per month, payable at the

beginning of the month.

4. There is only one type of raw material used in production. It is a very compact

material that is purchased in powder form. Each finished product requires 5

kilograms at a cost of $0.50 per kilogram. The supplier tends to be somewhat erratic

so Waverly finds it necessary to maintain an inventory balance equal to 50% of the

following month's production needs as a precaution against stock-outs. Waverly pays

for 30% of a month's purchases in the month of purchase, 35% in the following

month and the remaining 35% two months after the month of purchase. There is no

early payment discount.

5. Beginning accounts payable will consist of $19,497 arising from the following

estimated direct material purchases for March and April of 2021:

purchases in March, 2021: $14 281

purchases in April, 2021: $20 713

6.Waverly's manufacturing process is highly automated, so their direct labour cost is

low. Employees are paid on a per unit basis. Their total pay each month is,

therefore, dependent on production volumes and averages $20.00 per hour. This

rate already includes the employer's portion of employee benefits. All payroll costs

are paid in the period in which they are incurred.

Each unit spends a total of 12 minutes in production.

7. Variable manufacturing overhead is allocated based on units produced The unit

variable overhead manufacturing rate is $1.25 for every unit produced.

8.The fixed manufacturing overhead costs for the entire year are as follows:

Equipment rental 42,000

Property and business taxes 36,000

Supervisor's salary 149,000

Depreciation on equipment 123,000

Insurance 24,000

Maintenance 75,600

450,000

• fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred.

9. Selling and administrative expenses are known to be a mixed cost; however, there is

a lot of uncertainty about the portion that is fixed. Previous year's experience has

provided the following information:

Lowest level of sales:375,000 units

Total Operating Expenses: $596,100

Highest level of sales:750,000 units

Total Operating Expenses: $858,600

It is estimated that selling and administrative expenses for the budget year will be

about 10% greater than the previous average. These costs are paid in the month in

which they occur, with the exception of the only non-cash item: a monthly

depreciation of office equipment in the amount of $700. Not included in the above

expenses is bad debt expense or warehouse rental.

10. Sales are on a cash and credit basis, with 75% collected during the month of the

sale, 15% the following month, and 9.5% the month thereafter. of 1% of sales are

considered uncollectible (bad debt expense).

11. Actual sales in March and April 2021 were $47,500 and $51,000 respectively. Based

on the above collection pattern this will result in Accounts Receivable of $17,008 at

April 30, 2021 which will be collected in May and June, 2021.

12. During the fiscal year ended April 30, 2022 Waverly Welding Manufacturing will be

required to make monthly income tax installment payments of $4,000. Outstanding

income taxes from the year ended April 30, 2021, of $21,500, must be paid in July

2021. Income tax expense is estimated to be 20% of net income. Income taxes for

the year ended April 30, 2022, in excess of installment payments, will be paid in July

2022.

13. Prior to the busy season, Waverly Welding Manufacturing is planning to upgrade its

manufacturing equipment. The bid that was accepted totaled $350,000 of which 50%

is to be paid in June 2021 and 40% in July 2021. The remaining 10% will be paid in

January 2022, assuming everything goes as planned. Manufacturing overhead costs

shown above already include the depreciation on this equipment.

14. An arrangement has been made with the local bank that if Waverly Manufacturing

Maintains a minimum balance of $15,000 in their bank account, they will be given

line of credit at a preferred rate of 3% per annum. All borrowing is considered to

happen on the first day of the month, repayments are on the last day of the month.

All borrowings and repayments from the bank must be in multiples of $1,000 and

interest must be paid at the end of each month. Interest is calculated on the balance

at the beginning of the month, which includes any amounts borrowed that month

15. Waverly Welding Manufacturing has a policy of paying dividends at the end of each

quarter. The President tells you that the board of directors is planning on continuing

their policy of declaring and paying dividends of $15,000 per quarter.

16. A listing of the estimated balances in the company's ledger accounts as of April 30,

2021 is given below:

Cash 72,728

Accounts receivable 17,008

Inventory-raw materials 12,500

Inventory-finished goods 23,550

Capital assets (net) 724,000

$849,786

Accounts payable 19,497

Income tax payable 21,500

Capital stock 500,000

Retained earnings 308,789

$849,786

Waverly Welding Manufacturing Ltd Budgeted Income Statement For the Year Ended April 2022 Sales Cost Of Goods sold: Opening Merchandise Inventory Cost of Goods Manufactured: Direct Materials: Raw materials Beginning Add: Purchases Raw materials Available for use Deduct Ending raw materials Raw materials used Direct Labour Manufacturing overhead Total Manufacturing Cost Add: work in process Beginning Total Work in Process Deduct: Work in Process Ending Cost of Goods Manufactured Cost Of Goods Available for sale Deduct Ending Inventoryr Cost Of Goods sold Gross Profit Operating expenses: Selling and Administrative Expenses Operating Income Income Tax Expense Net Income 5 6,000,000 Walvery Welding Manufacturing LTD Formula Bar Master Budget Walvery Welding Manufacturing LTD Sales Budget For the Year ended 2022 Last Year March April May-3% of sales June- 3% of sales July 4% of sales August- 4% of sales Sept 4% October 14% Nov 20% Dec. 22% January 3% of sales February 12% of sale: March 3% of sales April 8% of sales TOTAL Budgeted Sales 4,750 5,100 18,000 18,000 24,000 24,000 2400 8400 120000 13200 18,000 72,000 18,000 48,000 600,000 selling price per unit ($10) 10 $ 10 $ 10 $ 10 $ 10 $ 10 $10 $10 $10 $10 $10.00 $10 $10 $10 $10 Total budgeted sales revenue S 47,500 $ 51,000 $ 180,000 $ 180,000 $ 240,000 $ 240,000 $240,000 $840,000 $1,200,000 $1,320,000 180,000 $ 720,000 $ 180,000 $ 480,000 6,000,000 Walvery Welding Manufacturing LTD Production Budget For the year ended 2022 May June July August September October November December January February March April Units to be sold 18,000 18,000 24,000 24,00 24,000 84,000 120,000 132,000 18,00 72,00 18,000 48,000 Add 25% of next months sales 4,500 6,00 6,00 6,000 21,00 30,00 33,00 4500 18,00 4,500 12,000 4,500 DEDUCT the opening finished goods inventory 9,500 4,500 6,000 6,000 6,000 21,00 30,00 33,000 4,500 18,00 4,500 12,000 Units to be produced 13,000 19,50 24,000 24,000 39,000 3,000 123,000 103,500 31,500 8.500 25,500 40,500 595,000 Walvery Welding Manufacturing LTD Schedule of expected Cash collections For the year ended 2022 May June July August September October November December January February March April TOTAL 75% of May sales $ 135,000.0 135,000 15% of June sales 27,000 27,000 9.5% of july sales 22,800.0 22,800 75% of june sales $ 135,000.00 135,000 15% of July's sales 36,000 36,000 9.5% of August's sales 22,800.0 22,800 75% of July's sales 180,000 180,000 15% of August sales 36,000 36,000 9.5% of September sales 22,800 22,800 75% of August sales 180,000 180,000 15% of September's sales unun in 36,000 36,000 9.5% of October's sales 79,800 79,80 75% of September's sales 180,000 180,000 15% of October's sales 126,000 126,000 9.5% of November sales 114,000 114,000 75% of October's sales 630,000 630,000 15% of November's sales 180,000 180,000 9.5% of December's sales 125,400 125,400 75% of November's sales 900,000 900,000 15% of December's sales 198,000 198,000Walvery Welding Manufacturing LTD Schedule of expected Cash collections For the year ended 2022 May June July August September October November December January February March April TOTAL 75% of May sales $ 135,000.0 135,000 of June sales 27,000 27,000 9.5% of july sales 22,800.0 22,800 75% of june sales 135,000.00 135,000 15% of July's sales 36,000 36,000 9.5% of August's sales 22,800.0 22,80 75% of July's sales 180,000 180,000 15% of August sales 36,000 36,000 9.5% of September sales 22,800 22,800 75% of August sales 180,000 180,000 15% of September's sales 36,00 36,000 9.5% of October's sales 79,800 79,800 75% of September's sales 180,000 180,000 15% of October's sales 126,000 126,000 9.5% of November sales 114,000 114,000 75% of October's sales 630,000 630,000 15% of November's sales 180,000 180,000 9.5% of December's sales 125,400 125,400 75% of November's sales 900,000 900,000 15% of December's sales 198,000 198,000 9.5% of January's sales 17,100 17,100 75% of December's sales 990,000 990,000 15% of January's sales 27,000 27,000 9.5% of February's sales 68,400 68,40 75% of January's sales 540,000 540,000 15% of February's sales 108,000 108,000 9.5% of March's sales 17,100 17,100 75% of February's sales 540,000 540,000 15% of March's sales 27,000 27,000 9.5% of April's sales 45,600 45,60 75% of March's sales 135,000 135,000 15% of April's sales 72,000 72,000 75% of April's sales $ 360,000 360,000 Total Cash Receipts $ 184,800 $ 193,800 $ 238,800 $ 295,800 $ 420,000 $ 935,400 $ 1,115,100 $ 1,085,400 $ 665,100 $ 612,600 $ 207,000 $ 360,000 6,313,800 0.5% Uncollectible 924 $ 969 S 1,194 $ 1,479 $ 2,100 $ 4,677 $ 5,576 $ 5,427 $ 3,326 $ 3,063 $ 1,035 $ 1,800 Waverly Welding Manufacturing LTD Raw Direct Materials Purchases Budget For the Year ended 2022 May June July August September October November December January February March April May Units to be produced 18,000 19,500 24,000 24,000 39,000 93,000 123,000 103,500 31,500 58,500 25,500 40,500 18,000 Raw materials required per finished unit; 5 kg 5 5 5 Raw materials required for current position 90,000 97,500 120,000 120,000 195,000 465,000 615,000 517,500 157,500 292,500 127,500 202,500 90000 Add: Dedired ending raw materials inventory 18,750 60,00 50,000 97,500 232,500 307,500 258,750 78,750 146,250 63,750 101,250 45,00 Less: Opening raw materials to be purchased 45000 18750 0000 50000 97500 232500 07500 258750 78750 146250 63750 101250Waverly Welding Manu Raw Direct Materials Purchases Budget For the Year ended 2022 May June July August September October November December January February March April May Units to be produced 18,000 19,500 24,000 24,000 39,000 93,000 123,000 103,500 31,500 58,500 25,500 40,500 18,000 Raw materials required per finished unit; 5 kg 5 5 5 5 5 5 5 5 5 5 Raw materials required for current position 90,000 97,500 120,000 120,000 195,000 465,000 615,000 517,500 157,500 292,500 127,500 202,500 90000 Add: Dedired ending raw materials inventory 18,750 50,00 50,000 7,500 232,500 307,500 258,750 78,750 146,250 63,750 101,250 45,00 Less: Opening raw materials to be purchased 45000 48750 60000 6000 97500 232500 307500 258750 7875 146250 63750 101250 Raw materials to be purchased 93,750 108,750 120,000 157,500 330,000 540,000 566,250 337,500 225,000 210,00 65,000 146,250 Cost of raw materials at $0.50 per Kg $ 46,875 $ 54,375 $ 60,000 $ 78,750 $ 165,000 $ 270,000 $ 283,125 $ 168,750 $ 112,500 $ 105,000 $ 82,500 $ 73,125 Waverly Welding Manufacturing LTD Schedule of expected Cash Disbursements of Raw Materials For the Year ended 2022 May June July August September October November December January February March April TOTAL March Purchases $14,281 * 35% 4,998 1,998 April Purchases $20,713*35% & 35% 7,250 $ 7,249.6 14,499 May Purchases (30%,35%,35%) 14,063 16,406.25 $ 16,406 46,875 June Purchases (30%,35%,35%) 16,312.50 19,031 19,031 54,375 July Purchases (30%,35%,35%) 18,000 21,000 $ 21,000 60,000 August Purchases (30%,35%,35%) 23,625 27,563 27,563 78,750 September Purchases (30%,35%,35%) 49,500 57,750 $ 57,750 165,000 October Purchases (30%,35%,35%) 81,000 94,500 94,500 270,000 November Purchases (30%,35%,35%) 84,938 99,094 $ 99,094 283,125 December Purchases (30%,35%,35%) 50,625 59,063 $ 59,063 168,750 January Purchases (30%,35%,35%) 33,750 39,375 $ 39,375 112,500 February Purchases (30%,35%,35%) 31,500 36,750 $ 36,750.00 $ 105,000 March Purchases (30%,35%,35%) 24,750 $ 28,875.00 53,625 April Purchases (30%,35%,35%) 21,937.5 $ 21,938 Total Payments for Purchases of Materials S 26,310 $ 39,968 $ 53,438 $ 63,656 $ 98,063 166,313 $ 237,188 $ 244,219 $ 191,906 $ 129,938 100,875 87,563 S 1,439,435 Walvery Melding Manufacturing LTD Direct Labour Budget For the Year ended 2022 May June July August September October November December January February March April Total Units to be produced 46,875 54,375 60,000 78,75 165,000 270,000 283,125 168,750 112,500 105,000 82,500 73,125 1,500,000 Direct labour time per unit ( hours) 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Total direct labours needed 9,375 10,875 12,000 15,750 33,000 54,000 56,625 33,750 22,500 21,000 16,500 14,625 300,000 Direct labour cost per hour $ 20 $ 20 $ 20 $ 20 $ 20 $ 20 5 20 $ 20 $ 20 $ 20 $ 20 $ 20 $ 20 Total direct labour cost $ 187,500 $ 217,500 $ 240,000 $ 315,000 $ 660,000 $ 1,080,000 $ 1,132,500 $ 675,000 $ 450,000 $ 420,000 $ 330,000 $ 292,500 $ 6,000,000Waverly Welding Manufacturing LTD Manufacturing Overhead Budget For the year ended 202 May June July August September October November December January February March April Total Budgeted direct labour hours 9,375 10,875 12,000 15,750 33,000 54,000 56,625 33,750 22,500 21,000 16,500 14,625 300,000 Variable overhead rate 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 Variable manufacturing overhead 11,719 $ 13,594 $ 15,000 19,688 $ 41,250 $7,500 $ 70,781 $ 42,188 $ 28,125 26,250 $ 20,625 $ 18,281 $ 375,000 Fixed manufacturing overhead 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 $ 37,500 $ 37,500 450,000 Total manufacturing overhead 49,219 51,094 52,500 7,188 78,750 105,000 108,281 79,688 65,625 53,750 $ 58,125 55,781 825,000 Less: depreciation 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 S 10,250 123,000 Cash dibursements for MOH 38,969 s 40,844 S 46,938 S 68,500 S 4,750 S 98,031 $ 69,438 55,375 $ 53,500 S 47,875 $ 5,531 5 702,000 Total Manufacturing overhead $ 825,000 ct labour hours 300,000 Predetermined overhead rate for the year 2.8 Waverly Welding Manufacturing LTD Ending finished goods inventory budget as at April 30,2022 For the Year Ended 2022 Item Quantity Cost Total Direct Material (kg) 5 $ 0.50 $ 2.50 Direct labour ( hours) 20 4.00 Manufacturing Overhead Variable (hours) 1.25 Total Variable Cost S 7.75 Budgeted Finished Goods Inventory: Ending Units Rate Total Finished Goods Inventory (From Production) 4,500 $ 7.75 34,875 Raw Materials (From Material Budget) 45000 S 2.50 $ 112,500.00 Waverly Welding Manufacturing Ltd Selling and Administrative Expense Budget For the Year ended 2022 May June July August September October November December January February March April Total Budgeted sales in units 18,00 18,000 24,00 24,00 24,000 84.000 120,000 132,000 18,000 72,000 18,000 48,000 600,000 Variable selling and administrative expenses per unit 1.25 $ 1.25 $ 1.25 $ .25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 15 Budgeted Variable expense 22,500 $ 22,500 S 30,000 $ 30,000 $ 30,000 $ 105,000 $ 150,000 $ 165,000 $ 22,500 $ 90,000 $ 22,500 $ 50,000 $ 750,000 Budgeted fixed selling and administrative expenses: Equipment Rental 3,500 3,500 $ 3,500 3,500 $ 3,500 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 42,000 Property and business taxes 3,000 3,00 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 $ 3,000 36,000 Supervisor's salary 12,450 12,450 12,450 12,450 12,450 12,450 12,450 12,450 12,450 12,450 12,450 12,450 149,400 Depreciation on Equipment 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 123,000 Insurance 2,000 2,000 2,000 2,000 2,000 2,000 S 2,000 2,000 2,000 2,000 2,000 $ 2,000 24,000 Maintenance 6,300 6,300 S 6,300 S 6,300 S 6,300 S 6,300 $ 6,300 S 6,300 6,300 S 6,300 S 5,300 S 6,300 S 75,600Waverly Welding Manufacturing Ltd Selling and Administrative Expense Budget For the Year ended 2022 May June July August September October November December January February March April Total Budgeted sales in units 18,000 18,000 24,000 24,000 24,000 84,000 120,000 132,000 18,000 72,000 18,000 48,000 600,000 Variable selling and administrative expenses per unit 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 15 Budgeted Variable expense 22,500 $ 22,500 S 30,000 $ 30,000 $ 30,000 $ 105,000 $ 150,000 S 165,000 $ 22,500 $ 90,000 $ 2,500 $ 60,000 $ 750,000 Budgeted fixed selling and administrative expenses: Equipment Rental 3,500 $ 3,500 $ 3,500 3,500 $ 3,500 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 3,500 $ 42,000 Property and business taxes 3,000 3,000 3,00 3,000 3,000 3,000 3,000 3,000 $ 3,000 3,000 3,000 $ 3,000 36,000 Supervisor's salary 12,450 s 12,450 12,450 12,450 5 12,450 12,450 12,450 12,450 12,450 12,450 12,450 $ 12,450 149,400 Depreciation on Equipment 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 10,250 123,000 Insurance 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 $ 2,000 24,000 Maintenance 6,300 5,300 5,300 5,300 6,300 ,300 6,300 6,300 5,300 6,300 6,300 S 6,300 75,600 Total budgeted selling and administrative expenses $ 50,000 $ 67,500 $7,500 $ 67,500 42,500 $ 187,500 202,500 50,000 27,500 $ 60,000 $ 7,500 $ 1,200,000 Less: Depreciation expense (10,250) 10,250) $ (10,250) $ 10,250) $ (10,250) $ 10,250) $ (10,250) $ 10,250) $ 10,250) $ (10,250) $ (10,250) $ (10,250) $ 123,000) Less: Insurance expense (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) $ (2,000) (2,000) $ (2,000) 2,000) $ (2,000) (24,000) Add: Insurance expenses 24,000 24,000 Less: property and Business taxes S (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (36,000) Add: Property and business tax paid 36,000 $ 36,000 Cash disbursements for selling and administrative expenses $ 44,750 44,750 $ 52,250 $ 52,250 $ 52,250 $ 127,250 $ 172,250 $ 187,250 $ 68,750 $ 112,250 $ 44,750 18,250 $ 1,077,000 Waverly Welding Manufacturing Ltd Cash Budget ended 2022 May June July August September October November December January February March April Total g Cash Balance $ 72,728 $ 15,000 $ 15,000 $ 15,000 $ 15,000 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 237,726 Add: Cash Collections from sales 184,800 $ 193,800 238,800 $ 295,800 $ 420,000 935,400 $ 1,115,100 $ 1,085,400 665,100 512,600 $ 207,000 $ 360,000 6,313,800 Total Cash Available $ 257,528 $ 208,800 253,800 310,800 $ 435,000 950,400 $ 1,130,100 $ 1,100,400 $ 680,100 $ 627,600 $ 222,000 S 375,000 6,551,526 Less: Disbursements: Direct Materials 26,310 39,968 $ 53,438 63,656 98,063 166,313 $ 237,188 $ 244,219 $ 191,906 $ 129,938 100,875 $ 87,563 $ 1,439,435 Direct labour 187,500 217,500 240,000 315,000 660,000 1,080,000 1,132,500 675,000 $ 450,000 420,000 330,000 292,500 6,000,000 Manufacturing Overhead 38,969 40,844 42,250 46,938 68,500 94,750 98,031 69,438 $ 55,375 53,500 47,875 45,531 702,000 Selling and administrative 44,750 44,750 52,250 52,250 52,250 127,250 172,250 187,250 68,750 112,250 44,750 118,250 1,077,000 Equipment upgrade expense 35,000 35,000 Dividend 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 $ 5,000 60,00 Income Taxes 4,000 4,000 25,500 4,000 4,000 S 4,000 4,000 4,000 4,000 4,000 $ 4,000 S 69,500 Total Disbursements 306,529 $ 352,062 418,438 $ 486,844 $ 887,813 1,477,313 $ 1,648,969 S 1,184,906 $ 810,031 724,688 $ 532,500 $ 552,844 9,382,935 Excess/ deficiency of cash $ (49,001) $ (143,262) $ 164,638) $ 176,043) $ (452,813) $ 526,912) $ 518,869) $ (84,506) $ (129,932) $ (97,088) $ (310,500) $ (177,844) $ 2,831,409) Borrowing (at beginning) 64,161 $ 158,659 $ 180,088 $ 191,522 $ 468,985 S 543,270 $ 535,207 $ 99,755 $ 145,295 $ 112,368 $ 326,316 $ 193,327 $ 3,018,954 Repayments (at end) 0 0 0 0 0 0 0 Interest (160) $ (397) $ (450) $ 479) $ (1,172) $ (1,358) $ (1,338) $ (249) $ (363) $ 281) $ (816) $ (483) $ (7,547) Total financing 64,001 158,262 179,638 191,043 $ 467,813 541,912 533,869 S 99,506 $ 144,932 112,088 $ 325,500 $ 192,844 $ 3,011,407 Cash balance ending 15,000 S 15,000 S 15,000 $ 15,000 $ 15,000 s 15,000 S 15,000 S 15,000 s 15,000 S 15,000 $ 15,000 $ 15,000 S 179,998