Question 2 of 3 View Policies Current Attempt in Progress -13 Colter Company prepares monthly cash budgets Relevant data from operating budgets for 2020 are as follows. Sales Direct materials purchases Direct labar Manufacturing overhead Selling and administrative expenses January $428.400 142.800 107 1100 83,300 941010 February $478.000 148,750 119.000 89.250 101.150 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 $1,190 of depreciation per month Other data 22 13 Credit sales: November 2019.5297500: December 2019. $380,800. Purchases of direct materials: December 2019. $119.000. Other receipts: January Collection of December 31, 2019, notes receivable $17,850 February Proceeds from sale at securities $7140. Other disbursements: February Payment of $7 140 cash dividend. 4. The company's cash balance on January 1, 2020. is expected to be $71,400. The company wants to maintain a minimum cash balance of $59.500. Id=7b0e6f3c-39ac-4360-8988-198e14391ab5#/question/1 Question 2 of 3 > The company's cash balance on January 1, 2020, is expected to be $71.400. The company wants to maintain a minimu balance of $59.500 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purch January and February Expected Collections from Customers January February November $ December January February Total collections $ Expected Payments for Direct Materiais January February December January February $ Total payments e Textbook and Media Prepare a cash budget for January and February incolumnar form COLTER COMPANY Cash Budget UIA X NWP Assessment Player Ul As X er/index.html?launchid=7b0e613c-39ad-4360-8988-19801439ab5#/question/1 destion 2 of 3 -/3 HI Prepare a cash budget for January and February in columnar form COLTER COMPANY Cash Budget January Februar > > > > eTextbook and Media