+ MO7-Classwork - Fraud, Internal Control, and Cash Question 8 of 9 -/25 View Policies Current Attempt in Progress Sunland Company expects to have a cash balance of $110,400 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022 1 2 3 4 Collections from customers: January $170.400. February $350.400. Payments to suppliers: January 596,000, February $180,000 Wages: January $72.000, February $96.000 Wapes are paid in the month they are incurred. Administrative expenses: January $50,400, February $57.600. These costs include depreciation of $2.400 per month. All other costs are paid as incurred. Selling expenses: January $36.000. February 548.000. These costs are exclusive of depreciation. They are paid as incurred. Sales of short-term investments in January are expected to realize $28,000 in cash. Sunland Company has a line of credit at a local bank that enables it to borrow up to $60,000. The company wants to maintain a minimum monthly cash balance of $48.000 5 6 Prepare a cash budget for January and February (list items that increase cash balance first.) SUNLAND COMPANY Cash Budget January February + M07-Classwork - Fraud, Internal Control, and Cash Question 8 of 9