6. Splish makes income tax payments in the first month of each quarter based on income for the prior quarter. The tax rate is 30%. The net income for the first quarter of 2022 is projected to be $885,000. 7. Splish has a corporate policy of maintaining an end-of-month cash balance of $236,000. It invests or borrows cash monthly, as necessary, to maintain this balance. 8. Splish uses a calendar-year reporting period. second month after the sale. Uncollectible accounts are nominal and can be ignored in the analysis. month of sale. 3. Historically, Splish has cleared 60% of the accounts payable one month after it receives its purchases, and the remaining 40% two months after. the year, except for property taxes. It pays the property taxes in four equal instalments in the last month of each quarter: SPLISH INSTRUMENTS Cash Budget For the Second Quarter Ended June 30, 2022