Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February $ 442,800 $492.000 Sales 147.600 153.750 Direct materials purchases 110.700 123.000 86.100 92.250 Direct labor Manufacturing overhead Selling and administrative expenses 97,170 104550 All sales are on account. Collections are expected to be 50% in the month of sale 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $ 1.230 of depreciation per month Other data 1 2 Credit sales: November 2019.5 307 500: December 2019,5 393,600, Purchases of direct materials: December 2019.5 123,000 Other receipts: January-Collection of December 31, 2016. notes receivable $ 18,450; February-Proceeds from sale of securities $ 7380, 3 Other data: 1. 2. 3. Credit sales: November 2019.$ 307,500: December 2019.$ 393,600. Purchases of direct materials: December 2019, $ 123,000. Other receipts: January-Collection of December 31, 2019, notes receivable $ 18.450; February-Proceeds from sale of securities $ 7,380. Other disbursements: February-Payment of $ 7,380 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $ 73,800. The company wants to maintain a minimum of $ 61,500. Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget For the Two Months Endine February 28, 2020 January February h Balance 73800 62730 Receipts im Customers 400980 0 able 18450 les 419430 493230 Canti 137760 Disbursements ils 123000 110700 Overhead 86100 92250 dministrative Expenses 95940 103320 id 7380 sements 430500 477240 lencvl of Available Cash Over Cash Disbursements 50430 62730 11.100 Borrowings Repayments $ 62730 61530 alance