Philco Electronics requires a cash budget for the month of January, 2023. The following information is available: a. Ending cash balance on December 31,2022 is $25,000. b. Budgeted sales are $150,000 for November, $120,000 for December and $100,000 for January. 20% of monthly sales are cash and 80% on credit which are received 30% in the month of the sale. 50% in the month following the sale and 15% two months after the sale. The remaining 5% of credit sales are never collected. c. Old equipment will be sold for $6,000 cash in January. d. All purchases are on credit. Budgeted purchases are $50,000 for November. $50,000 for December and $60,000 for lanuary. One quarter of the month's purchases of merchandise are paid during the month of purchase, the balance is paid in the following month. e. Selling and administrative expenses are budgeted at $45,000 for January of which $5,000 is for amortization. f. Cash dividends of $20,000 will be paid in January. g. Equipment purchases of $9.000 will be paid in January. h. The president insists that a minimum cash balance of $10,000 be kept at the end of each month. An open line of credit is available from the bank to meet this requirement. All borrowing mustibe done in multiples of $1.000. An $8.000 loan was taken out at the beginning of December 2022. No repayments have been made to date. Interest at 12% per annum is payable when the loan is repaid on the amount of principal repaid. Required - Prepare a cash budget for the month of January. You Do NOT need to show the Financing section of the cash budget. (20 marks)