With the following information, Form a cash budget for the months of January to April 2021.

Forecast of sales for the periods:

Nov-20 $75,000

Dec-20 $90,000

Jan-21 $90,000

Feb-21 $105,000

Mar-21 $110,000

Apr-21 $120,000

The credit manager provides the following information about sales revenue recovery:

60% comes in on a cash basis, 20% in the next month, 20% in the period 61-90 days

Cost of sales (COGS) is assumed to be 50% of revenues. Payment of outstanding bills is paid as follows:

50% in the month of purchase and 50% in the period 31-60 days.

Monthly expenses are as follows:

Salaries 25,000

Leasing Expenses 2,000

Promo & Advertising 3,000

Taxes are paid in each of February, April and June and are $15,000 per payment.

In February company plans to purchase assets of $45,000 (cash basis). In April another investment $15,000 (cash).

The cash balance in the bank on January 1st, 2021 is $17,300

Prepare the Cash Budget as requested (use Excel).