Thomas Company has $15,000 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Thomas has cash payments for selling and administrative expenses including salaries of $32,000 plus commissions of 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $10,000. Prepare a cash budget for January and February. Will Thomas 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.) Data Table - X Thomas Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Sales Cash receipts from customers Cash payments for merchandise inventory January 1,350,000 $ 851,530 561,700 February 710,000 871,400 532,435 Cash receipts Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Print Done Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de Oficiency) Financing Borrowing Principal repayments Enter any number in the edit fields and then click Check