Exercise 7-14 Blossom Company expects to have a cash balance of $65,250 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017 1. Collections from customers: January $90,250, February $165,250 2. Payments to suppliers: January $59,250, February $94,250 3. Wages: January $30,780, February $40,780. Wages are paid in the month they are incurred 4. Administrative expenses: January $21,780, February $24,780. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $15,780, February $20,780. These costs are exclusive of depreciation. They are paid as incurred 6. Sales of short-term investments in January are expected to realize $12,780 in cash. Blossom 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 of $39,250. Prepare a cash budget for January and February