Question 15 of 15 -/1 III View Policies Current Attempt in Progress Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $414,000 $460,000 Direct materials purchases 138,000 143,750 Direct labor 103,500 115,000 Manufacturing overhead 80,500 86,250 Selling and administrative expenses 90,850 97,750 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 $1,150 of depreciation per month. Other data: 1. Credit sales: November 2019, $287,500; December 2019, $368,000. 2. Purchases of direct materials: December 2019, $115,000. 3. Other receipts: January-Collection of December 31, 2019, notes receivable $17,250; February-Proceeds from sale of securities $6,900. 4. Other disbursements: February-Payment of $6,900 cash dividend. The company's cash balance on January 1, 2020, is expected to be $69,000. The company wants to maintain a minimum cash balance of $57,500. 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 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 $ $ e Textbook and Media Prepare a cash budget for January and February in columnar form. Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January $ $ > > > V: > > > > > > > > $ $ e Textbook and Media Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January February Financing Sale of Securities Receipts Repayments Beginning Cash Balance Disbursements Manufacturing Overhead Excess (Deficiency) of Available Cash Over Cash Disbursements Direct Materials Total Receipts Ending Cash Balance Total Disbursements Cash Dividend Borrowings $ $ Collections from Customers Selling and Administrative Expenses Total Available Cash Attemnts: of 3 used Submit Asawa Direct Labor Notes Receivable