Yancey has $15,500 in cash on hand on January 1 and has collected the following budget data: (Click on the loon to view the budget data) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Yancey has cash payments for selling and administrative expenses including salaries of $50.000 per month plus commissions that are 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $15.000. Prepare budget for January and February. Round to the nearest dollar. Wil Yancey 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 Entera budget to the nearest whole dolar) for any more balance. Round all amounts and into the cash Yancey Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance 15,500 February and on Janu budget data Data Table anufacturing us commissio trest dollar. Wij and administrative expl 15,000. Prepare a cash Round all amounts entre dget for Janual llar.) January 535,000 $ 442,600 180,526 134,980 Sales Cash receipts from customers Cash payments for direct materials purchases Direct labor costs Manufacturing overhead costs (includes depreciation of $1,100 per month) February 568,000 502,000 160,122 112,754 Yancey Com Cash Budg nded January 55,628 53,654 Print Done fields and ther (Click on the icon to view the budget data.) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. A salaries of $50,000 per month plus commissions that are 3% of sales, all paid in the month of and February. Round to the nearest dollar. Will Yancey need to borrow cash by the end of Feb w Beginning cash balance 15,500 Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Yancey has $15,500 in cash on hand on January 1 and has collected the following budget data: Click on the icon to view the budget data) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Yancey hasosh payments for selling and administrative expenses including anlaries of $50.000 per month plus commissions that are 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $15,000. Prepare a cash budget for January and February Round to the nearest dollar. Will Yancey need to borrow cash by the end of February? Borrowing Principal repayments Total effects of financing Ending cash balance Will Yancey need to borrow cash by the end of February? Yanooy need to borrow cash by the end of February because the ending cash balance before financing is than the minimum cash balance required