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Exercise 3 Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are January February Sales $360,000 $400,000 Direct material purchases 120,000 125,000 Direct labor 90,000 100,000 Manufacturing overhead 70,000 75,000 Selling and administrative expenses 79,000 85,000 All sales are on account. Accounts receivable are collected as follows: 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. All purchases of direct materials are on account. Accounts payable are paid as follows: 60% in the month of purchase and 40%in the month following the purchase. Direct labor and overhead costs are paid as incurred. The selling and administrative expenses include $1,000 of depreciation per month-all other costs are paid as incurred. Other data include: 1. Credit sales: November 2019, $250,000; December 2019, $320,000. 2. Purchases of direct materials: December 2019, $100,000. 3. Other receipts: January-Collection of notes receivable $15,000; February-Proceeds from sale of securities $6,000. 4. Other disbursements: February-payment of $6,000 cash dividend. The company's cash balance on January 1, 2020, is expected to be $60,000. The company wants to maintain a minimum cash balance of $50,000. Instructions (a) Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases. Determine (1) the accounts receivable balance as of February 28 and (2) the accounts payable balance as of February 28. b) Prepare a cash budget for January and February. Is additional cash planning 360,000 x 50% = 180,000 required? Explain. 360,000 x 30% = 108,000 360,000 x 20% = 72,000 (a) SCHEDULE OF CASH COLLECTIONS FROM SALES 2019 2020 November December January February Total Dollar Sales $ 250,000 $ 320,000 $ 360,000 $ 400,000 Cash Collections: 50%--Quarter of Sale 125,000 160,000 | $ 180,000 $ 200,000 30%--1 Quarter after Sale 75,000 S 96,000 $ 108,000 $ 120,000 20%--2 Quarters after Sale 12,500 $ 32,000 S 72,000 S 40,000 Total Collectionsa SCHEDULE OF CASH PAYMENTS FOR DIRECT MATERIAL PURCHASES 2019 2020 December January February DM Purchase Cost Cash Payments: 100%--Quarter after Purchase Projected A/P Balance Accounts Payable: b CASH BUDGET January February