Use the following information to answer the next two questions: The owner of Madison Pratt Designs is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm for the following months: November $30,000 December $24,000 January $16,000 February $21,000 Collection of sales is expected to be as follows: 20% within the month of sale; 70% the month following the sale; and 10% the second month following the sale. Total labor and raw materials costs are expected to be incurred as follows: November $12,000 December $9,500 January $10,500 February $13.000 These labor and raw materials costs (above) are paid for the month after they are incurred. Salaries cost the firm $4.000 per month; lease payments are $1000 per month; depreciation charges are expected to be $600 per month; an income tax payment of $900 will be made in January; and a payment of $1500 for advertising will be made in February. Cash on hand on January 1st will amount to $3,000, and a target cash balance of $10,000 will be maintained throughout the cash budget period. Prepare a monthly cash budget for January and February and answer the following: Calculate total collections of sales for January A. $22,400 B.$19.000 none of the other choices is correct D. $23.600 E. $23,000 QUESTION 23 How much surplus (or loan) is expected at the end of February? A. $1,400 B. $200 none of the other choices is correct D.$1,900 E. $3,100