I have the same project with a few different requirements and I need help with the Cash budget and the balance sheet.

Sweet Company Cash Budget For the Quarter Ended March 31, 20XX January February March Quarter Cash Balance, Beginning 50,000 $ 40,125 $ 114,250 $ 50,000 Add Cash Collections 297,500 475,000 482,500 1,255,000 otal Cash Available 347,500 $ 515,125 S 596,750 $ 1,305,000 ess Cash Disbursements: Purchases of Inventory 136,375 un 241,875 $ 262,625 $ 640,875 Selling and Administratice Expenses 131,000 un 159,000 $ 134,000 $ 424,000 Purchases of Equipment 2,000 $ 79,500 81,500 Cash Dividends 38,000 38,000 otal Cash Disbursements $ 307,375 400,875 $ 476,125 1,184,375 Excess (Deficiency) of Cash S 40,125 $ 114,250 $ 120,625 $ 120,625 inancing: Borrowing Repayments Interests Total Financing Cash Balance, Ending 40,125 $ 114,250 $ 120,625 | $ 120,625I nPI II gauu,uuu I c. Sales are 50% for cash sales and 50% for credit sales. Credit sales are collected in the two months following the sale: 90% the month after the sale, 10% two months after the sale. The accounts receivable at December 31 are a result of November and December credit sales. d. The company's gross margin is 45% of sales. {In other words, cost of goods sold is 55% of sales.) e. Monthly salary and wage expenses are budgeted as follows: salaries and wages, $27,000 per month for the first two months, $26,000 in March as Sweet cuts the hours of its sales force to reect declining sales. f. Other monthly expenses are as follows: advertising $80,000 per month; shipping cost is 5% of total monthly sales revenues, and other expenses are 3% of sales revenues. Depreciation, including depreciation on new assets acquired during the quarter, will be $40,000 for the quarter. g. Each month's ending inventory should equal 10% of the following month's cost of goods sold. h. One-half ofa month's inventory purchases are paid for in the month of purchase; the other half is paid in the following month. [. During January, the company will purchase a new copy machine for $2,000 cash. During March, other equipment will be purchased for cash at a cost of $79,500. j. During January, the company will declare and pay $38,000 in cash dividends. k. The company must maintain a minimum cash balance of $40,000. 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 6%. {Figure interest on whole months, e.g., 2/12, 3/12.} |. The company does not pay any income taxes