Next Question Russ Company has $13,000 in cash on hand on January 1 and has collected the following budget data: E (Click the icon to view the budget data.) Assume Russ has cash payments for selling and administrative expenses including salaries of $44,000 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 Russ 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 "O" for any zero balances.) Russ Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Data Table Cash receipts January Sales $ 1,360,000 $ February 640,000 871,900 Cash receipts from customers 851,850 Cash payments for merchandise inventory 561,100 532,278 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 Borrowing Print Done Princinal renavmente Enter any number in the edit fields and then click Check Answer. Next Question Russ Company has $13,000 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Russ has cash payments for selling and administrative expenses including salaries of $44,000 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 Russ need to borrow cash by the end of February? Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Cash receipts - X Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Data Table Total cash payments Ending cash balance before financing Minimum cash balance desired Sales Cash receipts from customers Cash payments for merchandise inventory January 1,360,000 $ 851,850 February 640,000 871,900 561,100 532,278 Projected cash excess (deficiency) Financing Borrowing Principal repayments Print Done Total effects of financing Ending cash balance