Floss Company has $10,500 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 $55,000 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 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 "O" for any zero balances.) Floss Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Data table February 730,000 $ 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) Sales Cash receipts from customers Cash payments for merchandise Inventory January 1,350,000 $ 851,610 561,300 871,900 532,346 Print Done Floss Company has $10,500 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 $55,000 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 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 "O" for any zero balances.) Floss Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Data table February 730,000 $ 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) Sales Cash receipts from customers Cash payments for merchandise Inventory January 1,350,000 $ 851,610 561,300 871,900 532,346 Print Done