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Current Attempt in Progress Sheridan Company expects to have a cash balance of $55,200 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $85,200, February $175,200. 2. Payments to suppliers: January $48,000, February $90,000. 3. Wages: January $36,000, February $48,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $25,200, February $28,800. These costs include depreciation of $1,200 per month. All other costs are paid as incurred. 5. Selling expenses: January $18,000, February $24,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $14,400 in cash. Sheridan Company has a line of credit at a local bank that enables it to borrow up to $30,000. The company wants to maintain a minimum monthly cash balance of $24,000.