Prepare monthly cash budget

Phillips Inc. prepares monthly cash budgets. Shown below are relevant data from operating budgets for 2022 . All sales and purchases are on account. Collections and disbursement data are given below. All other items above are paid in the month incurred. Depreciation has been excluded from selling and administrative expenses. 1. Collections from customers: January $293,000; February $358,000 2. Payments for purchases: January $98,000; February $118,000 3. Other receipts: January: collection of December 31,2021 interest receivable $2,000; February: proceeds from sale of short-term investments - $5,000. 4. Other disbursements: February payment of $20,000 for land. The company's cash balance on January 1,2022 , is expected to be $58,000. The company wants to maintain a minimum cash balance of $40,000