Pharoah Company expects to have a cash balance of $51,600 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 $88,000, February $137,400 Payments to suppliers: January $45,000, February $51,600 Wages: January $35,600, February $41,600. Wages are paid in the month they are incurred. Administrative expenses: January $25,600, February $34,700. These costs include depreciation of $2,000 per month. All other costs are paid as incurred. Selling expenses: January $19,900, February $24,500. These costs are exclusive of depreciation. They are paid as incurred. Sales of short-term investments in January are expected to realize $14,400 in cash. Pharoah has a line of credit at a local bank that enables it to borrow up to $45,000. The company wants to maintain a minimum monthly cash balance of $26,000. 5. 6. Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter O for amounts.) PHAROAH COMPANY Cash Budget For the Months Ending January 30 and February 28, 2022 January February $ $ Add : 2 $ $