Why in this spread sheet is there no cash used at the bottom to pay of the bank note?

What is the difference between the second sheet and the third sheet and why?

Budget Project Assignment: How much will be owed to the bank on June 30, 2016? Prepare a monthly income statement and monthly balance sheet for the company FINA 470 for the first six month of 2016. Also reconcile between monthly earnings and the amount of cash available to reduce the bank note. Neat Presentation is important. (page breaks and formatting will be evaluated.) Information obtained during interview: Sales in November and December 2015 were $100,000 and 110,000, respectively. Gross profit averages 46% General and administrative expense approximate 31% of sales. Sales in 2016 are expected to increase 5% a month. Inventory at month end is targeted to equal the following two months anticipated sales Cash at December 31, 2015 was $25,000 and is expected (budgeted) to increase by $1,200 per month. Other assets at 2015 year end was $16,000 and expected to remain at the same level. Common stock is valued at $50,000 and no additional sales expected. Accounts payable at each month end equals 75% of month end inventory. Accounts receivable turn over approximately 12 times. Bank Note was $120,000 at December 31, 2015. For this exercise you can assume no income tax expense and no interest expense. All extra cash not needed to maintain the budgeted cash balance is used to reduce the bank note. FINA 470 Budget Forecast December January February March Income Statements: Sales Cost of goods sold Gross profit General & adm. expenses Net Income 110,000 59,400 50,600 34,100 16,500 115,500 62,370 53,130 35,805 17,325 121,275 65,489 55,787 37,595 18,191 127,339 68,763 58,576 39,475 19,101 Balance sheets: Assets: Cash and cash equivalents Receivables Inventories Total current assets Other non-current assets Total assets 25,000 9,166.67 236,775 270,942 16,000 286,942 26,200 9,625.00 248,614 284,439 16,000 300,439 27,400 10,106.25 261,044 298,551 16,000 314,551 28,600 10,611.56 274,097 313,308 16,000 329,308 177,581.25 120,000 297,581 186,460.31 106,093 292,553 195,783.33 91,491 287,274 205,572.49 76,158 281,731 50,000 (60,640) (10,640) 286,941 50,000 (43,315) 6,685 300,439 50,000 (25,124) 24,876 314,551 50,000 (6,023) 43,977 329,308 17,325 8,879 26,204 18,191 9,323 27,514 19,101 9,789 28,890 458 11,839 12,297 481 12,431 12,912 505 13,052 13,558 Cash available to pay bank note 13,907 14,602 15,332 Prior month bank note balance 120,000 106,093 91,491 Expected bank note balance 106,093 91,491 76,158 Liabilities: Accounts payable Bank note Total liabilities Equity: Common stock Retained earnings Total equity Total liabilities and equity Reconciliation between Net income and cash reduction in Notes payable: Source of funds: Net Income Increase in accounts payable Use of funds Cash Accounts receivables Inventory Ending bank note balance 106,093 91,491 76,158 April May June 133,706 72,201 61,505 41,449 20,056 140,391 75,811 64,580 43,521 21,059 147,411 79,602 67,809 45,697 22,112 29,800 11,142.14 287,801 328,744 16,000 344,744 31,000 11,699.25 302,192 344,891 16,000 360,891 32,200 12,284.21 317,301 361,785 16,000 377,785 215,851.12 60,059 275,910 226,643.68 43,155 269,799 237,975.75 25,406 263,382 50,000 14,033 64,033 344,744 50,000 35,092 85,092 360,891 50,000 57,203 107,203 377,785 20,056 10,279 30,334 21,059 10,793 31,851 22,112 11,332 33,444 531 13,705 14,235 557 14,390 14,947 585 15,109 15,694 16,099 16,904 17,749 76,158 60,059 43,155 60,059 43,155 25,406 60,059 43,155 25,406 FINA 470 Budget Forecast December January February March Income Statements: Sales Cost of goods sold Gross profit General & adm. expenses Net Income 110,000 59,400 50,600 34,100 16,500 115,500 62,370 53,130 35,805 17,325 121,275 65,489 55,787 37,595 18,191 127,339 68,763 58,576 39,475 19,101 Balance sheets: Assets: Cash and cash equivalents Receivables Inventories Total current assets Other non-current assets Total assets 25,000 9,166.67 236,775 270,942 16,000 286,942 26,200 9,625.00 248,614 284,439 16,000 300,439 27,400 10,106.25 261,044 298,551 16,000 314,551 28,600 10,611.56 274,097 313,308 16,000 329,308 177,581.25 120,000 297,581 186,460.31 107,293 293,753 195,783.33 93,891 289,674 205,572.49 79,759 285,331 50,000 (60,640) (10,640) 286,941 50,000 (43,315) 6,685 300,439 50,000 (25,124) 24,876 314,551 50,000 (6,023) 43,977 329,308 17,325 8,879 26,204 18,191 9,323 27,514 19,101 9,789 28,890 458 11,839 12,297 481 12,431 12,912 505 13,052 13,558 Cash available to pay bank note 13,907 14,602 15,332 Prior month bank note balance 120,000 106,093 91,491 Expected bank note balance 106,093 91,491 76,158 Liabilities: Accounts payable Bank note Total liabilities Equity: Common stock Retained earnings Total equity Total liabilities and equity Reconciliation between Net income and cash reduction in Notes payable: Source of funds: Net Income Increase in accounts payable Use of funds Cash Accounts receivables Inventory Ending bank note balance 106,093 91,491 76,158 April May June 133,706 72,201 61,505 41,449 20,056 140,391 75,811 64,580 43,521 21,059 147,411 79,602 67,809 45,697 22,112 29,800 11,142.14 287,801 328,744 16,000 344,744 31,000 11,699.25 302,192 344,891 16,000 360,891 32,200 12,284.21 317,301 361,785 16,000 377,785 215,851.12 64,860 280,711 226,643.68 49,156 275,800 237,975.75 32,606 270,582 50,000 14,033 64,033 344,744 50,000 35,092 85,092 360,891 50,000 57,203 107,203 377,785 20,056 10,279 30,334 21,059 10,793 31,851 22,112 11,332 33,444 531 13,705 14,235 557 14,390 14,947 585 15,109 15,694 16,099 16,904 17,749 76,158 60,059 43,155 60,059 43,155 25,406 60,059 43,155 25,406