FULL SCREEN PRINTER VERSION BACK NEXT Problem 23-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows January February Sales Direct materials purchases $381,600 $424,000 127,200 132,500 95,400 106,000 79,500 90,100 Direct labor Manufacturing overhead 74,200 Selling and administrative expenses 83,740 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60% of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,060 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2016, $265,000; December 2016, $339,200. Purchases of direct materials: December 2016, $106,000. Other receipts: January-Collection of December 31, 2016, notes receivable $15,900; February-Proceeds from sale of securities $6,360. 4. Other disbursements: February-Payment of $6,360 cash dividend. The company's cash balance on January 1, 2017, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February 1:00 PM 4/13/2019 DOLL FULL SCREEN PRINTER VERSION Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January February 53000 s November December January February 101760 67840 114480 212000 394320 190800 Total collections 345560 Expected Payments for Direct Materials January February December 42400 January 76320 50880 79500 130380 Februany Total payments 118720 $ DOLL Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter O for amounts.) COLTER COMPANY Cash Budget For the Two Months Ending February 28, 2017 January February vDisbursements DOLL Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used DELL