Haas Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are: January February Sales $355,200 $408,700 Direct materials purchases 114,400 133,600 Direct labor 91,900 108,100 Manufacturing overhead 72,400 80,200 Selling and administrative expenses 80,700 89,800 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,500 of depreciation per month. Other data: Credit sales: November 2010, $268,600; December 2010, $321,100. Purchases of direct materials: December 2010, $106,300. Other receipts: January-Collection of December 31, 2010, notes receivable $17,600; February-Proceeds from sale of securities $8,340. Other disbursements: February-Withdrawal of $8,460 cash for personal use of owner, Dewey Yaeger. The company's cash balance on January 1, 2011, is expected to be $72,920. The company wants to maintain a minimum cash balance of $51,030. Incorrect. Complete the schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases. (If answer is zero, please enter 0, do not leave any fields blank.) Expected Collections from Customers January February November $ $ 0 December January February Total collections $ $ Expected Payments for Direct Materials January February December $ $ 0 January February Total collections $ $ Incorrect. Complete the cash budget for January and February in columnar form. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1 for the January amounts.) HAAS COMPANY Cash Budget For the Two Months Ending February 28, 2011 January February Beginning cash balance $ $ Add: Receipts Collections from customers Notes receivable 0 Sale of securities 0 Total receipts Total available cash Less: Disbursements Direct materials Direct labor BorrowingsRepaymentsCollections from customersSelling and administrative expensesDirect laborNotes receivableSale of securitiesWithdrawal by ownerManufacturing overheadDirect materials Selling and administrative expensesWithdrawal by ownerManufacturing overheadBorrowingsRepaymentsCollections from customersNotes receivableSale of securitiesDirect materialsDirect labor Withdrawal by owner 0 Total disbursements Excess (deficiency) of available cash over cash disbursements Financing Borrowings 0 Repayments 0 0 Ending cash balance $ $