Your answer is partially correct. Sheridan Company's chief financial officer feels that it is important to have data for the entire quarter especially since their financial forecasts indicate some difficult economic periods in the coming year. March information has been budgeted as follows: - Collections from customers: $372,100 - Payments for direct materials: $201,200 - Direct labor: Wages paid in March $117,000 - Manufacturing overhead: $64,400. This includes the monthly depreciation of $5,000. - Selling and administrative expenses: $51,300. This cost is exclusive of depreciation. - Marketable securities of $47,400 can be sold if needed for additional cash. Prepare a cash budget for March assuming that the company does not sell the marketable securities. (Do not leave any answer field blank. Enter ofor amounts.) Sheridan Company expects to have a cash balance of $134,100 on January 1,2020 . Relevant monthly budget data for the first 2 months of 2020 are as follows: - Collections from customers: January $250,000, February $427,300. - Payments for direct materials: January $155,500, February $234,400 - Direct labor: January $91,600, February $133,900. Wages are paid in the month they are incurred. - Manufacturing overhead: January $63,500, February $73,900. These costs include depreciation of $5,000 per month. All other overhead costs are paid as incurred. - Selling and administrative expenses: January $45,000, February $60,100. These costs are exclusive of depreciation. They are paid as incurred. - Sales of marketable securities in January are expected to realize $36,000 in cash. Sheridan Company has a line of credit at the local bank that enables it to borrow up to $75,600. The company wants to maintain a minimum monthly cash balance of $58,800. What is the maximum amount the company can borrow during March? Maximum amount the company can borrow $ Does this provide the company with an adequate ending cash balance? Borrowing this amount (b3) How much does the company need to borrow if the marketable securities are sold? Hint: Recreate the budget for March including the sale of the marketable securities. Company needs to borrow Company needs to borrow Sheridan Company with their minimum ending cash balance. Attempts: 1 of 2 used