Jess Company has $12,000 in cash on hand on January 1 and has collected the...

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Accounting

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Jess Company has $12,000 in cash on hand on January 1 and has collected the following budget data: PE: (Click the icon to view the budget data.) Assume Jess has cash payments for selling and administrative expenses including salaries of $32,000 plus commissions of 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $11,500. Prepare a cash budget for January and February. Will Jess need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February (Complete all input fields. Enter a "0" for any zero balances.) Jess Company Cash Budget Two Months Ended January 31 and February 28 January - X Data Table January 1,370,000 $ February 650,000 Sales 851.480 871,200 Beginning cash balance Cash receipts Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Cash receipts from customers Cash payments for merchandise inventory 561,500 532.310 Print Done Ending cash balance

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