Your answer is partially correct. Pharoah Company expects to have a cash balance of $50,600 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. 2 3. 4. Collections from customers: January $78,100, February $160,600. Payments to suppliers: January $44,000, February $82,500. Wages: January $33,000, February $44,000. Wages are paid in the month they are incurred. Administrative expenses: January $23,100, February $26,400. These costs include depreciation of $1,100 per month. All other costs are paid as incurred. Selling expenses: January $16,500, February $22,000. These costs are exclusive of depreciation. They are paid as incurred. Sales of short-term investments in January are expected to realize $13,200 in cash. Pharoah Company has a line of credit at a local bank that enables it to borrow up to $27,500. The company wants to maintain a minimum monthly cash balance of $22,000 5. 6. Prepare a cash budget for January and Fxbruary (List items that increase cash balance first.) PHAROAH COMPANY Cash Budget For the Two Months Ending February 28, 2022 January February $ C e Textbook and Media Save for Later Attempts: 1 of 10 used Submit