Esquire Products incorporated expects the following monthly sales? Cash sales are 40 percent in a given month, with the remainder going into accourits receivable. All recelvables are collected in the month following the sale. Esquire sells oll of its goods for $2 each and produces them for $1 each. Esquire uses level production, and average monthly production is equal to annual production divided by 12 . b. Prepare a cash recelpts schedule for January through December. Assume that dollar sales in the prior December were $20,000 Prepare a cash payments schedule for January through December. The production costs (\$1 per unit produced) are paid for in the month in which they occur. Other cash payments (besides those for production costs) are $7,800 per month. 1. Construct a cash budget for January through December using the cash receipts schedule from part b and the cash payments: schedule from port c. The beginning cash balance is $3,000, which is also the minimum desired. Note: Negative amounts should be indicated by a minus sign. Leave no cells blank be certain to enter ' 0 ' wherever required. e. Determine total current assets for each month. Include cash, accounts recelvable, and Inventory. The accounts recelvable for a given month is equal to 60 percent of that month's sales. Inventory is equal to ending inventory (part a) times the cost of $1 per unit