Question 3 of 8 > /10 View Policies Current Attempt in Progress Sheridan Company expects to have a cash balance of $45.000 on January 1, 2022. Relevant monthly budget data for the first two months of 2022 are as follows: 1 2 3 4 Collections from customers: January $100,000; February $158.000 Payments to suppliers: January $60.000: February $80,000 Direct labour: January $29.000 February 545.000. Wages are paid in the month they are incurred. Manufacturing overhead: January $27.000; February $3,000. These costs include depreciation of $1,000 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $14.000, February $21,000. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $10,000 in cash. 5 6. Sheridan Company has a line of credit at a local bank. It can borrow up to $26.000. The company wants to keep a minimum monthly cash balance of $26.000 Show AB x I de 0052229 Question 3 of 8 -710 E 1 Prepare a cash but for mary and February SHERIDAN COMPANY Cash Budget For the Two Months Ending February 28, 2022 Month Jan Feb Beginning and balance 45000 Add Cash receipts 100000 Confection from somer 158000 10000 Site of market securities 110000 Total receipts 135000 Total available cash SA P10-3A 012.docx IMM506. 2-YOpdf AN Question 3 of 8 -7101 TURI Total watch 155000 Dubores 80000 0000 Direct materials Director 29000 45000 27000 31000 Manufacturing overheit 14000 21000 Selling and constrative expenses 130000 Total duruments 025000 Excess of watecash over cash disements Financing P10-SA 012.00 M5040 2-Y9Dot Question 3 of 8 > -/10 E Total disbursements 130000 Excess of available cash over cash disbursements 1250001 Financing Borrowing 3000 D Repayment Total financing Ending cash balance 26000 1 Attempts: 0 of 1 used Submit Answer Save for Later Last saved 1 hour ago Saved work will be auto-submitted on the due date. Auto submission can take up to 10 minutes