S22-17 (similar to) Question Help Sass Company has $11,500 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Sass has cash payments for selling and administrative expenses including salaries of $48,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $8,500. Prepare a cash budget for January and February. Will Sass need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February. (Complete all input boxes. Enter a "0" for any zero balances.) Sass Company Cash Budget Two Months Ended January 31 and February 28 January - X i Data Table Beginning cash balance Cash receipts Cash available January February Cash payments: Sales 1,340,000 $ 680,000 Purchases of merchandise inventory 851,420 Cash receipts from customers 871,400 Selling and administrative expenses Cash payments for merchandise inventory 562,000 532,578 Total cash payments Ending cash balance before fionancing Print Done Minimum cash balance desired Projected cash excess (deOficiency) Financing: Borrowing Principal repayments Total effects of Ofinancing Ending cash balance ? Enter any number in the edit fields and then click Check Answer. 2 parts remaining Clear All Final Check S22-17 (similar to) Question Holp S Company has $11,500 in cesh an hand on January 1 and hae oollected the following budge data m(CIck the lcon to view the budgat data company requires a minimum cash balance of $8,500. Prepare a cash budget for January and February. Ausume Sass has cash payments February or seling and administrative expenses including salaries of $48,000 plus commissions of 3% of sales, all paid in the month of sale. T il Sass need to barrow cash by the end of far any 7n halancas Regin by preparing the cash budgat for January, then prepara the cash budgat for February (Complata all input baxas Fnter a Sass Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Carh avalable Cash paymants Purchases of merchandise inventury Sellng and adminictradvo.cxpenses Tolal cash payments Ending cah balence belore SCnancing Mirimum cssh belence desied excess (deocecy) Financinn Bormwing Principal rapaymants Total offects of Cfinancing Ending cah balnce Enter any number in the edit ficids and then click Check Answer Hinal Check Cear All