The company's cash balance on January 1,2022 , is expected to be $68,400. The company wants to maintain a minimum cash balance of $57,000. SHERIDANCOMPANY Schedule of Expected Payments for Direct Materials For the Two Months Ending February 28, 2022 * Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. 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 $1,140 of depreciation per month. Other data: 1. Credit sales: November 2021, \$285,000; December 2021, $364,800. 2. Durchases of direct materials:December 2021,$114,000. 3. Other receipts: January-Collection of December 31,2021 , notes recelvable $17,100; February-Proceeds from sale of securities $6,840 4. Other disbirsemente-February-Payment of $6,840 cash dividend. Excess (Deficiency) of Available Cash Over Cash Disbursements Selling and Administrative Expenses Cash Dividend Repayments Notes Receivable Ending Cash Balance Financing Total Disbursements Collections from Customers Direct Labor Direct Materials Total Available Cash Prepare a cash budget for January and February in columnar form