Problem 22-04 a b (Video) Blossom Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January 5442,800 147,600 110.700 36,100 February $492.000 153,750 120.000 92,250 104.550 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 2016 in the second month following the sale. Sixty percent (604) of direct material purchases are pard inch in the month of purchase and the balance due is paid in the month following the purchase Nother items above are paid in the month incurred except for selling and administrative expenses that include $1.210 of depreciation per month Other data 1 Credit November 2019, $307,500; December 2010, 191,00 2. Purchases of direct materials: December 2019, $123.000 3. Other receipts January-Collection of December 31, 2016. notes receivable 518.450 February-Proceeds from sale of securities $7,380. 4. Other disbursements: February-Payment of $7.380 cash dividend, The company's cash balance on January 1, 2020, is expected to be $73,800. The company wants to maintain a minimum cash balance of $61.500 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 November December January February Total collections Expected Payments for Direct Materials January February December January February Total payments $ Prepare a cash budget for January and February in columnar form. BLOSSOM COMPANY Cash Budget January February Click if you would like to Show Work for this question: Open Show Work Problem 22-04 a b (Video) Blossom Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January 5442,800 147,600 110.700 36,100 February $492.000 153,750 120.000 92,250 104.550 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 2016 in the second month following the sale. Sixty percent (604) of direct material purchases are pard inch in the month of purchase and the balance due is paid in the month following the purchase Nother items above are paid in the month incurred except for selling and administrative expenses that include $1.210 of depreciation per month Other data 1 Credit November 2019, $307,500; December 2010, 191,00 2. Purchases of direct materials: December 2019, $123.000 3. Other receipts January-Collection of December 31, 2016. notes receivable 518.450 February-Proceeds from sale of securities $7,380. 4. Other disbursements: February-Payment of $7.380 cash dividend, The company's cash balance on January 1, 2020, is expected to be $73,800. The company wants to maintain a minimum cash balance of $61.500 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 November December January February Total collections Expected Payments for Direct Materials January February December January February Total payments $ Prepare a cash budget for January and February in columnar form. BLOSSOM COMPANY Cash Budget January February Click if you would like to Show Work for this question: Open Show Work