Hi! Can I please have help with Question 3 and the part of the cash budget that I got wrong? Thank you!

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Credits Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits $ 50,000 216,000 58,500 365,000 $ 94,000 490,000 105,500 $689,500 $689,500 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $270,000 390,000 580,000 250,000 190,000 f. C. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. e. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising, $71,000 per month; shipping, 5% of sales, depreciation, $15,000 per month; other expenses, 3% of sales. At the end of each month, inventory is to be on hand equal to 25% of the following month's sales needs, stated at cost. g. One-half of a month's inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. h. During February, the company will purchase a new copy machine for $3,000 cash. During March, other equipment will be purchased for cash at a cost of $84,000. i. During January, the company will declare and pay $46,000 in cash dividends. j. The company must maintain a minimum cash balance of $31,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of principal. The annual interest rate is 12%. (Figure interest on whole months, e.g., 1/12, 2/12.) 3. Schedule of cash disbursements for expenses. Answer is not complete. HILLYARD COMPANY Schedule of Cash Disbursements for Operating Expenses January February March Quarter Total cash disbursements for operating expenses $ 0 $ 0 $ 0 $ 0 4. Cash budget. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by a minus sign.) X Answer is complete but not entirely correct. HILLYARD COMPANY Cash Budget January February $ 50,000 $ 31,550 294,000 428,000 344,000 459,550 Cash balance, beginning Add: Collections from sales Total cash available Deduct: Disbursements: March $ 31,650 514,000 545,650 Quarter $ 50,000 1,236,000 1,286,000 225,250 129.200 Purchases of inventory Operating expenses Purchases of equipment Cash dividends 280,500 144,400 3,000 219,750 118,000 84,000 0 725,500 391,600 87,000 46,000 0 46,000 400,450 (56,450) 427,900 31,650 421,750 123,900 1,250,100 35,900 Total disbursements Excess (deficiency) of cash Financing: Borrowings Repayments Interest 88,000 0 0 88,000 X 176,000 $ 31,550 0 0 O $ 31,650 0 (88,000) (2,640) (90,640) X (181,280) $ 33,260 88,000 (88,000) (2,640) (2,640) X (5,280) 33,260 Total financing Cash balance, ending $