Pharoah Company expects to have a cash balance of $49,700 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2017. 1. 2. 3. 4. Collections from customers: January $88,700, February $131,500 Payments to suppliers: January $47,700, February $50,500 Wages: January $34,500, February $40,500. Wages are paid in the month they are incurred. Administrative expenses: January $24.500. February $32,500. These costs include depreciation of $2,600 per month. All other costs are paid as incurred. Selling expenses: January $15.800. February $21.300. These costs are exclusive of depreciation. They are paid as incurred. Sales of short-term investments in January are expected to realize $13,400 in cash. Pharoah has a line of credit at a local bank that enables it to borrow up to $43,700. The company wants to maintain a minimum monthly cash balance of $29.000 5. 6. Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter for amounts.) PHAROAH COMPANY Cash Budget For the Months Ending January 30 and February 28, 2022 January February