Learning objective: Students will learn how to make a cash budget using Excel spreadsheets through this assignment. Please use the data from the following table to complete the cash budget in Excel spreadsheets. You can use the Excel file (FINA 3562 Project 2 data.xlsx) that I uploaded on Blackboard. To complete the cash budget, you will have to work on the schedules of expected cash collections and payments first. Please set formulae by referencing to the data in Excel spreadsheets. If you do not meet this requirement, you will be asked to re-work on the project. This project accounts for 5% of your overall grade. Due date: March 6th, 11:59 pm on Blackboard The following table lists the data from the budget of Ritewell Publishers, 55% the company's sales are for cash on the nail, the other 45% are paid for with a one-month delay. The company pays all its credit purchase with a one-month delay. Credit purchases in January were $30,000, and total sales in January were $180,000. Ritewell Publishers ales cha anuar March Total sales Purchases of material 180,000 $200,000 220,000 180,000 60,000 40,000 30,000 14,000 For cash 70,000 40,000 30,000 14,000 3,000 100,000 80,000 30,000 30,000 14,000 3,000 30,000 For credit Selling and admin. expenses Income taxes Dividends ent We make these assumptions to simplify the analysis Ritewell Publishers has an open line of credit with its bank, which can be used as needed to bolster the cash position. The company desires to maintain a $18,000 minimum cash balance at the end of each month. Therefore, borrowing must be sufficient to cover the cash shortfall and to provide for the minimum cash balance of $18,000. All borrowings and repayments must be in multiples of $1,000 amounts, and interest is 6 percent per annum. Interest is computed and paid on the principal during the borrowing period