Exercise $23\mathrm{.}9($Algo$)$ Budgeting an Ending Cash Balance $($LO$23-4,$ LO$23-5)$

On March $1$ of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management:

$\backslash$table$[[$Month$,$Credit Sales$],[$January$,$$$300,000($actual$)],[$February$,400,000($actual$)],[$March$,738,000($estimated$)],[$April$,739,000($estimated$)],[$May$,800,000($estimated$)]]$

The company's collection activity on credit sales historically has been as follows:

$\backslash$table$[[$Collections in the month of the sale,$],[$Collections one month after the sale,$508],[$Collections two months after, the sale,$30],[$Uncollectible accounts,$15],[,5]]$

Spicer's total cash expenditures for March, April, and May have been estimated at $$1,200,000($an average of $$400,000$ per month$).$ Its cash balance on March $1$ of the current year is $$500,000.$ No financing or investing activities are anticipated during the second quarter.

Required:

Compute Spicer's budgeted cash balance at the ends of March, April, and May.

$\backslash$table$[[,$March,April,May$],[$Beginning Cash,,,$],[$Collections on January Sales,,,$],[$Collections on February Sales,,,$],[$Collections on March Sales,,,$],[$Collections on April Sales,,,$],[$Collections on May Sales,,,$],[$Total Cash Available,$$,,],[$Less: Expenditures,,,$],[$Ending Cash Balance,,,$]]$