ignment CALCULATOR PRINTER VERSION 4 BACK NEXT ES Problem 24-04A a-b (Part Level Submission) (Video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. n) January February Sales $432,000 $480,000 Direct materials purchases 144,000 150,000 Direct labor 108,000 120,000 Manufacturing overhead 84,000 90,000 Selling and administrative expenses Study 94,800 102,000 All sales sale, Sivty unt. 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. other items above are paid in the month incurred except for selling and administrative expenses that include $1,200 of depreciation per month. cash in the month of purchase, and the balance due is paid in the month following the purch gthe purchases are paid Other data: Credit sales: November 2019, $300,000; December 2019, $384,000 Purchases of direct materials: December 2019, $120.000. 1 Other receipts: January-Colllection of December 31, 2019, notes receivable $18,000; 3 February-Proceeds from sale of securities $7,200. Other disbursements: February-Payment of $7,200 cash dividend. 4 The company's cash balance on January 1, 2020, is expected to be $72,000. The company wants to maintain a minimum cash balance of $60,000. (a) Vour answer is cnerect ES FB ES E10 o V Assignment CALCULATOR PRINTER VERSION BACK NEXT v(b) URCES Prepare a cash budget for January and February in columnar form. r 24 a-e mission) A a-b el ideo) COLTER COMPANY Cash Budget A a-D oni January February s by Study 44 B0 FIC FS & 9 8 7 5 6 actice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR PRINTER VERSION 4 BACK NEXT ES n) on tudy 4 Open Show Work Click if you would like to Show Work for this question: 44