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3.66/5 = Culver Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2022. January Sales February $400.700 $361.900 Purchases 120,900 131.900 Salaries 83.100 81,500 70,000 73.900 Administrative expenses Selling expenses 78.000 87.900 All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred. Administrative expenses include $1.200 of depreciation per month Other data 1. 2. 3. Collections from customers: January $335,600; February $378,700 Payments for purchases: January $104,600, February $140,700. Other receipts: January:collection of December 31, 2021, notes receivable $17,800: February: proceeds from sale of securities $6,100 Other disbursements: February 512,400 cash dividend 4 The company's cash balance on January 1, 2022, is expected to be $18.900. The company wants to maintain a minimum cash balance of $64,620 CULVER CORPORATION Cash Budget For the Two Months Ending February 28, 2022 January February Beginning cash balance 15900 6780 Add Collections from customers Notes receivable 17300 Sale of securities Total receipts 2 CUBE Total available cash 402300 452001 Purchases 104600 140704 Cash disbursements Salaries SO Adanini Less : Cash disbursements Salaries 83100 31 Administrative expenses 68800 i 72700 Selling expenses 78000 32900 Dividends Purchases Total disbursements 334500 395200 Excess (de ciency) of available cash over disbursements : Financing Add Borrowings Lest : Repayments Ending cash balance 7800 57406