Exercise 7-14 Your answer is partially correct. Try again. Crane Company expects to have a cash balance of $57,200 on anuary 1, 2017. These are the relevant manthly budget data for the first two months of 2017 1. Collections from customers: January $82,200, February $157,200 2. Payments to suppliers: January $51,200, February $86,200. . Wages: January $31,200, February $41,200. Wages are paid in the manth they are incurred. 4. Administrative expenses: January22,200, February $25,200. These costs include depreciation of S1.000 per month. All other oosts are paid as incurred. S. Selling expenses: January $16,200, February $21,200. These costs are exclusive of depreciation, They are paid as incurred. 6 Sales o 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 of $31 200 Prepare a cash budget for January and February CRANE COMPANY Cash Budget For the Year Ended February 28, 2017 January February 57200 Beginning cash balance AddCash receipts 82200 157200 Sale of short-term investments 13200 Tatal receipts 95400 157200 Total available cash 152600 Less Cash disbursements wages 31200 41200 Payments to suppliers 51200 86200 21200 24200 Selling expenses 16200 21200 119800 172800 Excess (dericiency) of available cash over disbursements 32800 Financing Add 32800 31200 Ending cash balance Click if you would like to Show Work for this question: Open Show Work