Collapse question part (b) Prepare a cash budget for January and February in columnar form.

Kimmel, Accounting, 4e Hel Svstem BACK NEXT TOR PRENTER VERSION Problem 20-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2013 are: Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses $358,400 112,640 92,160 71,6B0 B0,896 $409,600 133,120 102,400 76,800 All sales are on account Collections are expected to be 50% in the month of sale % in the first month followin the sale, and 20% in the se nd month followin the sale. Sixty percent 6 % of direct materials pur ases are paid in cash in the month of purchase, and the balance due is paid in the month folly in the pur ase. All other items above are paid in the month incurred e cept for selling and administrative expenses that include $1,024 of deprec ation per month. Other data 1. Credit sales: November 2012, $266,240; December 2012, $327,680. 2. Purchases of direct materials: December 2012, $102,400. 3. Other receipts: January-Collection of December 31, 2012, notes receivable $15,360; February-Proceeds from sale of securities $6,144 4. Other disbursements: February-withdrawal of $5,120 cash for personal use of owner, Nick Haniwall. The company's cash balance on January 1, 2013, is expected to be $61,440. The company wants to maintain a minimum cash balance of $51,200. (a) Your answer is correct. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases. Expected Collections from Customers Februa 532 98304 655 January 179 107 February Total collections Expected Payments for Direct Materials Janua Februa January 67 450 February 987 Total payments Click if you would like to Show Work for this question: Open Show Work