Cross Company has $12,000 in cash on hand on January 1 and has collected the following budget data: Click the icon to view the budget data.) Assume Cross has cash payments for selling and administrative expenses including salaries of $40,000 plus commissions of 3% of sales, al paid in the month of sale. The company requires a minimum cash balance of $9.000. Prepare a cash budget for January and February. Will Cross need to borrow cash by the end of February? January Beginning cash balance Cash receipts Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excesa (detlichonay) Financing Borrowing Cross Company has $12,000 in cash on hand on January 1 and has collected the following budget data: Click the icon to view the budget data) Assume Cross has cash payments for selling and administrative expenses including salaries of $40,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $9,000. Prepare a cash budget for January and February. Will Cross need to borrow cash by the end of February? CERE Cash available Cash payments Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash exoes (doticancy) Financing Borrowing Principal repayments Total effects of francing Ending cash balance Assume Cross has cash payments for requires a minimum cash balance of $9. in the month of sale. The company ary? - X Data table $ Sales Cash receipts from customers Cash payments for merchandise Inventory January 1,330,000 $ 851.420 561,300 February 670,000 871,500 532,310 Beginning cash balance Cash receipts Cash available Cash payments Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Print Done