Problem 7-08A Monty Corp. prepares monthly cash budgets. Here are relevant data from operating budgets for 2022. Sales Purchases Salaries Administrative expenses Selling expenses January $360,600 121,400 84,500 71,200 78,700 February $400,200 130,600 81,800 74,600 87,200 All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred. Administrative expenses include $1,000 of depreciation per month. Other data. 1. Collections from customers: January $333,000; February $378,300. 2. Payments for purchases: January $107,000; February $144,400. 3. Other receipts: January: collection of December 31, 2021, notes receivable $17,200; February: proceeds from sale of securities $5,000. 4. Other disbursements: February $12,400 cash dividend. The company's cash balance on January 1, 2022, is expected to be $48,800. The company wants to maintain a minimum cash balance of $55,570. Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter o for amounts.) Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter o for amounts.) MONTY CORP. Cash Budget January February LINK TO TEXT Question Attempts: 0 of 4 used