r.uni C Q Search Exercise 23-14 Your answer is partially correct. Try again. Danner Company expects to have a cash balance of $45,000 on January 1, 2017. Relevant monthly budget data for the first 2 months of 2017 are as follows Collections from customers: January $85,000, February $150,000. Payments for direct materials: January $50,000, February $75,000 Direct labor: January $30,000, February $45,000. Wages are paid in the month they are incurred Manufacturing overhead: January $21,000, February $25,000. These costs include depreciation of $1,500 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,000, February $20,000. These costs are exclusive of depreciation. They are pald as incurred n lanuary are expected to realize $12.00 in cash, dnner Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $20,000. Prepare a cash budget for January and (Do not leave any answer field blank. Enter "o" for Cash Budget 45000 27500