Mass Company has $12.500 in cash on hand on January 1 and has collected the following budget data (Click the icon to view the budget data) Assume Mass has cash payments for selling and administrative expenses including salaries of $64,000 plus commissions of 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $11.000 Prepare a cash budget for January and February Will Mass need to borrow cash by the end of February? Began by preparing the cash budget for January, then prepare the cash budget for February Mass Company Cash Budget Two Months Ended January 21 und February 2 Beging cash balance Cash receipt Cash payments Purchases of merchandstory Sales and adoma scenies January Data table Seles February Cash receipts from customers Cash payments for merchandise inventory January February 1 1.350,000 $ 700.000 051420 561.400 671.000 $32.562 Pont Done Time Remaining: 2003 Next Mass Company has $12,500 in cash on hand on January 1 and has collected the following budget c (Click the icon to view the budget data.) Assume Mass has cash payments for selling and administrative expenses including salaries of $64,0 Prepare a cash budget for January and February. Will Mass need to borrow cash by the end of Febr Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Will Mass need to borrow cash by the end of February? Mass need to borrow cash by the end of February