Prepare a cash budget for January and February in column form. everything highlighted red is wrong. The ither pics are for info if needed

6.52 / 10 Question 3 of 4 Tortne Two months nang February 20, ZUET January Febr $ Beginning Cash Balance Add T: Receipts Collections from Customers Sale of Securities Total Receipts Total Available Cash Less : Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements Financing Add Borrowings Less W: Repayments Ending Cash Balance $ 28580 $ Martinez Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $367,200 122,400 91,800 71.400 80,580 February $408.000 127,500 102,000 76,500 86,700 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,020 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2016, $255,000, December 2016,$326,400. Purchases of direct materials: December 2016, $102,000. Other receipts: January-Collection of December 31, 2016, notes receivable $15,300; February-Proceeds from sale of securities $6,120. Other disbursements: February - Payment of $6,120 cash dividend. 4. The company's cash balance on January 1, 2017, is expected to be $61,200. The company wants to maintain a minimum cash balance of $51,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers January February $ 51000 $ November 65280 97920 December 110160 183600 January 204000 February $ $ 379440 Total collections 332520 Expected Payments for Direct Materials January 40800 February December 73440 48960 January 76500 February $ Total payments 114240 $ 125460