Prepare schedules for (1) expected collections from customers and (2) expected payme Expected Collections from Customers January February November 56300 December 1 108096 72064 January 121608 February 225200 Total collections 367076 418872 Expected Payments for Direct Materials January February December 45040 January 81072) 54048 February 84450 Total payments 126112 138498 Problem 13-4 (Part Level Submission) Swifty 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 $405,360 135,120 101,340 78,820 88,954 February $450,400 140,750 112,600 84,450 95,710 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 $1,126 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2016, $281,500; December 2016, $360,320. Purchases of direct materials: December 2016, $112,600. Other receipts: January-Collection of December 31, 2016, notes receivable $16,890; February-Proceeds from sale of securities $6,756. Other disbursements: February-Payment of $6,756 cash dividend. 4. The company's cash balance on January 1, 2017, is expected to be $67,560. The company wants to maintain a minimum cash balance of $56,300. LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter o for amounts.) SWIFTY COMPANY Cash Budget January February