Ivanhoe Company expects to have a cash balance of $56,450 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017. 1. Collections from customers: January $81,450, February $156,450. 2. Payments to suppliers: January $50,450, February $85,450. 3. Wages: January $31,980, February $41,980. Wages are paid in the month they are incurred. 4. Administrative expenses: January $22,980, February $25,980. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $16,980, February $21,980. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $13,980 in cash. Ivanhoe Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $30,450. Prepare a cash budget for January and February. IVANHOE COMPANY Cash Budget choose the accounting period January February select an opening cash budget item $enter a dollar amount 56450 $enter a dollar amount select between addition and deduction: select an opening name for section one select a cash budget item enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount select a closing name for section one enter a total amount for section one enter a total amount for section one select a summarizing line for the first part enter a total amount for the first part enter a total amount for the first part select between addition and deduction: select an opening name for section two select a cash budget item enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount select a cash budget item enter a dollar amount enter a dollar amount select a closing name for section two enter a total amount for section two enter a total amount for section two select a summarizing line for the second part enter a total amount for the second part enter a total amount for the second part select an opening name for section three select between addition and deduction: select a cash budget item enter a dollar amount enter a dollar amount select between addition and deduction: select a cash budget item enter a dollar amount enter a dollar amount select a closing cash budget item $enter a total amount for the cash budget $enter a total amount for the cash budget