Hess Company has $13,500 in cash on hand on January 1 and has collected the following budget data: Assume Hess has cash payments for selling and administrative expenses including salaries of $64,000 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 Hess 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.) Hess Company Cash Budget Two Months Ended January 31 and February 28 January X i Data Table Beginning cash balance Cash receipts Cash available January February Cash payments: Sales $ 1,310,000 $ 650,000 Purchases of merchandise inventory Cash receipts from customers 851,770 871,100 Selling and administrative expenses Cash payments for merchandise inventory 561,300 532,224 Total cash payments Ending cash balance before financing Print Done Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance