View Policies Current Attempt in Progress Ivanhoe Company expects to have a cash balance of $36,800 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. 2. 3. 4. Collections from customers: January $56,800, February $116,800. Payments to suppliers: January $32,000. February $60,000. Wages: January $24,000, February $32,000. Wages are paid in the month they are incurred. Administrative expenses: January $16.800, February $19.200. These costs include depreciation of $800 per month. All other costs are paid as incurred. Selling expenses: January $12,000, February $16,000. These costs are exclusive of depreciation. They are paid as incurred. Sales of short-term investments in January are expected to realize $9,600 in cash. Ivanhoe Company has a line of credit at a local bank that enables it to borrow up to $20,000. The company wants to maintain a minimum monthly cash balance of $ 16,000. 5. 6. Prepare a cash budget for January and February. (List items that increase cash balance first) IVANHOE COMPANY Cash Budget January Febru