Grippers has $ 12,500 in cash on hand on January 1. Refer to Short Exercises S22A- 15, S22A- 17, and S22A- 18 for cash receipts and cash payment information. Assume Grippers has cash payments for selling and administrative expenses including salaries of $ 50,000 plus commissions of 1% of sales, all paid in the month of sale. The company requires a minimum cash balance of $ 10,000. Prepare a cash budget for January and February. Will Grippers need to borrow cash by the end of February?

50% in the month of the sale

30% in the month after the sale

18% two months after the sale

2% never collected

November sales totaled $ 400,000 and December sales were $ 425,000. Prepare a schedule for the budgeted cash receipts from customers for January and February.

Round answers to the nearest dollar.