lan operates an automobile repair shop and he has the opportunity to buy an additional machine, which he needs to continue servicing his increasing customer base, at a bargain price of $6,200 if he purchases it by the end of February. In order to meet payroll and other expenses, lan wants to maintain a $5,000 cash balance. He is trying to determine if he needs to go to the bank for a loan. His accountant has projected the following estimates for the month of February: Cash balance, February 1 Expected cash collections from customers Expected repair sales in February Expected February parts purchases Expected payments to suppliers for January parts purchases Overhead (includes machinery depreciation of $2,000) Direct labor Administrative expenses $ 4,200 $29,500 $42,575 $ 22,125 $ 15,100 $ 3,450 $12,800 $ 1,800 Labor, overhead and administrative expenses are paid in the month incurred. Parts are only purchased as needed to repair vehicles. 100% of the parts purchases are paid in the month following the purchase. a. Prepare a cash budget for the month of February. (Deductible values and negative values should be indicated with minus sign.) Beginning cash balance Plus: Budgeted cash receipts Less: Budgeted cash payments for. Administrative expenses Overhead Direct labor Payment to suppliers Purchases of machine Cash balance before financing February