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Switty Conpany prepares monthly canh budgets. Relevant data from operatine budgets for 2022 are as follows. All ales are on acrount Collections are expected to be sos in the month of sale, 3ox, in the first month following the sile, and 205 in the second moneh following the sale Sixty perrent ieoril of direct materials purchabes are poid in conh in the month of purchuse and the balance doe is paid in the wonth fotiowing the purchase Aft other items above are paid in the month incurred except for selline and adminitrative expenses that include 51.080 of depreciation per month. Other tala Wil whes are on account Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20x in the second month following the sale. 5 ixty percent (Go\%) of direct materiats purchases are paid in cashin the monthof purchase, and the balance doe is paid in the month following the purchase. Allotheritems above are paid in the month incurred axept for selfing and administrative expenses that include $1.090 of depreciation per month. Dther data 1. Creditsales: November 2021,\$270,000;-December 2021.5345,600. 2. Purchanes of direct materiahs December 2021,5108000 . 3. Other receipts January-Collection of December 31, 2021, notes recelvable \$16.200: February-Proceeds from sale of securities 56.400. 4. Otherdistursements February-payment of 56,430 cashidividend. The company scash balance on Janciary 1,2022, th eppected to be 564.800. The comoany waent to maintain a minimum cash balance of 554000 . Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. SWIFTY COMPANY Schedule of Expected Collections from Customers For the Two Months Ending February 28, 2022 November December January February Total collections SWIFTYCOMPANY Schedule of Expected Parments for Direct Materials SWIFTYCOMPANY Schedule of Expected Payments for Direct Materials For the Two Months Ending. February 28. 2022. December January February Total payments: Beginning Cash Balance Total Available Cash Sale of Securities Notes Recelvable Collections from Customers Total Available Cach Ssle of Securities Less y: Selline and Administrative Froenses. Selling and Admnhtrutive Exptoses

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