K Williams Company has $14,000 in cash on hand on January 1 and has collected the following budget data: View the budget data. Assume Williams Company has cash payments for selling and administrative expenses including salaries of $55,000 plus commissions of 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $12,500. Prepare a cash budget for January and February. Will Williams Company 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.) Williams Company Cash Budget Two Months Ended January 31 and February 28 January Budget Data February Beginning cash balance Cash receipts Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: January February Sales Cash receipts from customers Cash payments for merchandise inventory 1,370,000 $ 851,740 562,000 700,000 871,900 532,435 Print Done 05-49 - X