Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February $ 370,800 $412,000 123,600 128,750 Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 92,700 103,000 72,100 77,250 81,370 87,550 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 $ 1,030 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2019, $ 257,500; December 2019,$ 329,600. Purchases of direct materials: December 2019, $ 103,000. Other receipts: January-Collection of December 31, 2019, notes receivable $ 15,450; February - Proceeds from sale of securities $ 6,180. Other disbursements: February-Payment of $ 6,180 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $ 61,800. The company wants to maintain a minimum cash balance of $ 51,500. Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget For the Two Months Ending February 28, 2020 January February ilance $ 61800 52530 ceipts Customers 335780 383160 15450 6180 351230 389340 sh 413030 441870 ibursements Iverhead 115360 126690 92700 103000 i 72100 77250 nistrative Expenses 80340 86520 i 6180 i ants 360500 399640 1 of Available Cash Over Cash Disbursements 52530 42230 rrowings 9270 payments Ice 52530 51500