Sheffield Company expects to have a cash balance of $45,300 on January 1, 2022. Sheffield has...

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Sheffield Company expects to have a cash balance of $45,300 on January 1, 2022. Sheffield has budgeted the following for the first two months of the year 2022: 1. Collections from customers: January $89,500; February $110,600. 2. Payments to suppliers: January $40,300; February $49,600. 3. 4. 5. 6. Direct labour: January $29,700; February $34,700. Wages are paid in the month they are incurred. Manufacturing overhead: January $24,900; February $30,300. Overhead costs are paid as incurred. Selling and administrative expenses: January $16,200; February $22,000. These costs do not include depreciation and they are paid as incurred. Sales of investments in January are expected to realize $10,000 in cash. Sheffield Company wants to keep a minimum monthly cash balance of $20,000. Ignore any interest on amounts borrowed. Prepare a cash budget for January and February. SHEFFIELD COMPANY Cash Budget For 2022 < January February $ $ $ Sheffield Company expects to have a cash balance of $45,300 on January 1, 2022. Sheffield has budgeted the following for the first two months of the year 2022: 1. Collections from customers: January $89,500; February $110,600. 2. Payments to suppliers: January $40,300; February $49,600. 3. 4. 5. 6. Direct labour: January $29,700; February $34,700. Wages are paid in the month they are incurred. Manufacturing overhead: January $24,900; February $30,300. Overhead costs are paid as incurred. Selling and administrative expenses: January $16,200; February $22,000. These costs do not include depreciation and they are paid as incurred. Sales of investments in January are expected to realize $10,000 in cash. Sheffield Company wants to keep a minimum monthly cash balance of $20,000. Ignore any interest on amounts borrowed. Prepare a cash budget for January and February. SHEFFIELD COMPANY Cash Budget For 2022 < January February $ $ $