Novak Company prepares monthly cash budgets. Relevant data from operating budgets for 2023 are as follows: All sales are on account. Novak expects collections to be 50% in the month of sale, 40% in the first month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: Prepare schedules for (1) the expected collections from customers. (1) the expected collections from customers. (2) the expected payments for direct materials purchases. Prepare a cash budget for January and February using columns for each month. eTextbook and Media Question Part Score Swe for Later