M7-50 S-M:7-17. Preparing a financial budget-cash budget (Learning Objective 6) Wilson Company has $11,000 in cash on hand on January 1 and has collected the following budget data: Sales Cash receipts from customers Cash payments for merchandise inventory January $1,400,000 851,420 561,100 February $ 710,000 871,800 532,310 Assume Wilson 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 $8,500. Prepare a cash budget for January and February. Will Wilson need to borrow cash by the end of February?

S-M:7-17. Preparing a financial budget-cash budget (Learning Objective 6) Wilson Company has $11,000 in cash on hand on January 1 and has collected the following budget data: Assume Wilson 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 $8,500. Prepare a cash budget for January and February. Will Wilson need to borrow cash by the end of February