Waterway Company expects to have a cash balance of $45,900 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $86,700, February $153,000. Payments for direct materials: January $51,000, February $76,500. Direct labor: January $30,600, February $45,900. Wages are paid in the month they are incurred. Manufacturing overhead: January $21,420, February $25,500. These costs include depreciation of $1,530 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,300, February $20,400. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $12,240 in cash. Waterway Company has a line of credit at a local bank that enables it to borrow up to $25,500. The company wants to maintain a minimum monthly cash balance of $20,400. Prepare a cash budget for January and February. WATERWAY COMPANY Cash Budget For the Two Months Ending February 28, 2022 + January February 45900 $ 26520 86700 153000 12240 98940 153000 144840 179520 51000 i 76500 306001 45900 i 21420 25500 15300 20400 i 118320 168300 Over Cash Disbursements + 26520 11220 eTextbook and Media 0 0 26520 9180 0 20400