Floss Company has $10,000 in cash on hand on January 1 and has collected the following budget data (Click the icon to view the budget data.) Assume Floss has cash payments for selling and administrative expenses including salaries of $60,000 plus commissions of 1% 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 Floss need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February (Complete all input fields. Enter a "0" for any zero balances ) Floss Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Data Table - X Cash receipts Cash available Cash payments January February Purchases of merchandise inventory Sales 1,350,000 $ 670,000 Selling and administrative expenses Cash receipts from customers 851 850 871,500 Total cash payments Cash payments for merchandise inventory 562,000 532,310 Ending cash balance before financing Minimum cash balance desired Print Done Projected cash excess (deficiency) Financing: Borrowing Enter any number in the edit fields and then click Check Answer. ? 2 parts Clear All remaining Check Answer 4