Blue Spruce Company expects to have a cash balance of $46,000 on January 1, 2022. Relevant monthly budget data for the first two months of 2022 are as follows: 1. Collections from customers: January $100,000; February $159,000 2. Payments to suppliers: January $59,000; February $78,000 3. Direct labour: January $31,000; February $46,000. Wages are paid in the month they are incurred. 4. Manufacturing overhead: January $28,000; February $30,000. These costs include depreciation of $1,000 per month. All other overhead costs are paid as incurred. 5. Selling and administrative expenses: January $16,000; February $21,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of marketable securities in January are expected to realize $11,000 in cash. Blue Spruce Company has a line of credit at a local bank. It can borrow up to $24,000. The company wants to keep a minimym monthly cash balance of $24,000. Prepare a cash budget for January and February. Prepare a cash budget for January and February. BLUE SPRUCE COMPANY Cash Budget For the Two Months Ending February 28, 2022 Month \begin{tabular}{ccc} \multicolumn{2}{c}{ Month } \\ \hline \multirow{2}{*}{ Jan } & Feb \end{tabular} eTextbook and Media Save for Later Attempts: 0 of 4 used Using multiple attempts will impact your score