7.3 Relevant data from the operating budget of The Framers are:

Other data:
• Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2.
• Dividends of $500 will be paid in May • The beginning cash balance was $50,000 and a required minimum cash balance is $10,000.
• Prepare a cash budget for the first two quarters of the year.