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Prepare a cash budget for January and February.
Enrich Company expects to have a cash balance of $65,470 on January 1, 2014. These are the relevant monthly budget data for the first two months of 2014.
1.
Collections from customers: January $90,470, February $165,470.
2.
Payments to suppliers: January $59,470, February $94,470.
3.
Wages: January $30,822, February $40,822. Wages are paid in the month they are incurred.
4.
Administrative expenses: January $21,822, February $24,822. These costs include depreciation of $1,000 per month. All other costs are paid as incurred.
5.
Selling expenses: January $15,822, February $20,822. These costs are exclusive of depreciation. They are paid as incurred.
6.
Sales of short-term investments in January are expected to realize $12,822 in cash. Enright 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 $39,470.
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