please help! need step by step instructions and a excel sheet attached to link the answers to.

The following table lists the data from the budget of Cornell Inc. 40% the company's sales are for cash on the nail; the other 60% are paid for with a one month delay. The company pays all its credit purchase with a one-month delay. Credit purchases in June were $360,000, and total sales in June were $1,050,000 Cornelline Sales, purchase, and other budgets June July August $ 1,050,000 $1,400,800 $1,783,500 September Total sales $1,396,300 Purchases of material For cash 306,192 306,064 263,112 For credit 360,000 459,288 534,096 394,668 Selling and admin, expenses 348,600 375,620 337,150 income taxes 115,000 115,000 115,000 Dividends 50,000 50,000 50,000 200,000 Equipment purchase 200,000 0 We make these assumptions to simplify the analysis: Cornell Inc. 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 $110,000 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 $110,000 EOM. ZA 110,000 1 $by 1,0001 04 * All borrowings and repayments must be in multiples of $1,000 amounts, and interest is 4 percent per annum. 4% anwalls * Interest is computed and paid on the principal during the borrowing period. . All borrowings take place at the beginning of a month, and all repayments are made at the end of a month. The company will take a loan at the beginning of July, repay some portion of the loan at the end of August, and should be able to pay off the remaning balance of the loan at the end of September. You have to figure out the amount of loan taken at the beginning of July * The company pays the selling and administrative expenses, Income taxes, dividends, and pays for equipment purchase at the end of a month EAM Please refer to the example of cash budget in chapter 6 Excel file posted on Blackboard. The interest payment made at the end of Auguster September is computed as: Principal of the loan x Interest rate on the loan x borrowing period. Because the interest rate on the loan is an annual rate, the borrowing period will be adjusted to a fraction of 12 months Please also review pages 8-9 of the class notes for how to back out the borrowing amount or repayment of the loan. Compute the interest payment first, and figure out the repayment of the loan for August or September 2 2. TH Cell Styles Styles Format Clipboard Font Sort & Find Filter Select Editing . Alignment Number Cells V29 F G H 1 Cornell Inc. Cash Budget For the Month Ended September 30, 2019 Month July August September $180,000 B C D E 1 Cornell Inc 2 Sales, purchase, and other budgets 3 June July August September 4 Total sales $1,050,000 $1,400,800 $1,783,500 $1,396,300 5 Purchases of material 6 For cash 306,192 306,064 263,112 7 For credit 360,000 459,288 534,096 394,668 8. Selling and admin. expenses 348,600 375,620 337,150 9 Income taxes 115,000 115,000 115,000 10 Dividends 50,000 50,000 50.000 11 Equipment purchase 200,000 200,000 0 12 113 14 15 Schedule of Expected Cash Collections 16 July August September 17 Accounts receivable, 5/30/2019 18. July sales ($1,400,000) 19 August sales (51,783,500) 20 September sales ($1,396,300) 21. Total cash collections 22 23 24 25 Schedule of Expected Cash Payments 26 July August September 27 Accounts payable, 6/30/2018 28 July purchases 29 August purchases 30 September purchases 31 Total cash disbursement Sheet1 Sheet2 Sheet Cash balance, beginning Add: Receipts Collections from customers Total cash available(a) Less Disbursements Direct materials Selling and admin Equipment purchase Dividends Income tax Total disbursements (b) Minimum cash balance Total cash needed Cash surplus (deficit) (a) Finance: Borrowing Repayment Interest Total effect of financing (d) Cash balance, endine tabla They