J m ent-player/products/ 6 11-378-4c3d- 64021/sessments/7066661-564250-252-76 Sheridan Company expects to have a cash balance of $55.200 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022 1. Collections from customers: January $85.200. February $175.200 2. Payments to suppliers: January $48.000. February $90.000 3. Wages: January $36.000. February $48.000 Wages are paid in the month they are incurred. 4. Administrative expenses: January $25.200. February $28.800. These costs include depreciation of $1.200 per month All other costs are paid as incurred 5. Selling expenses: January $18,000. February $24.000. These costs are exclusive of depreciation. They are paid as incurred 6. Sales of short-term investments in January are expected to realize $14.400 in cash. Sheridan Company has a line of credit at a local bank that enables it to borrow $30,000. The company wants to maintain a minimum monthly cash balance of $24.000 to Prepare a cash budget for January and February. List items that increase cash balance first) SHERIDAN COMPANY Cash Budget For the Two Months Ending February 20 2022 January Beginning cash balance I cash receipts Collections from customers Type here to search 4 . January February Beginning cash balance 55.200 Add : Cash receipts Collections from customers Sale of short-term investments 14400 Total receipts Total available cash | Less Cash disbursements Payments to suppliers 90.000 i Wages 36.000 i 48.000 i Administrative expenses 24.00 27.600 Type here to search Selling expenses 18,000 i 24.000 i Total disbursements Excess (deficiency) of available cash over disbursements Financing Borrowings Repayments Ending cash balance e Textbook and Media Attempts: 1 of 4 used Save for Later Submit A