Crane Company expects to have a cash balance of $57,200 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017. 1. Callections from customers: January $82,200 February $157 200 2. Payments to suppliers: January $51,200, February SB6.200. 3. Wages: January $31,200, February $41.200. Wages are paid in the month they are incurred. 4. Administrative expenses: January $22,200, February $25,200. These costs include depreciation of $1.000 per month All other costs are paid as incurred 5. Selling expenses: January $16,200, February $21,200. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $13.200 in cash, Crane Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance af $31200, Prepare a cash budget for January and February. CRANE COMPANY Cash Budget January February Beginning cash balance S 57200 $ 32800 82200 157200 157200 41200 51200 A 86200 A Add : Cash receipts Collections from customers Sale of short-term investments Total receipts Total available cash Lesst: Cash disbursements Wages Payments to suppliers Administrative expenses Selling expenses Total disbursements Excess deficiency of available cash over disbursements Financing Add : Borrowings Less: Repayments Ending cash balance 24200 21200 172800 17200 14000 $ 31200