Brian Lewis, assistant controller, is responsible for the cash flow projection, a critical element during a period of rapid expansion. She will use the following information in preparing her cash analysis: 1. Splish has experienced an excellent record in accounts receivable collection and expects this trend to continue. The company collects 50% of billings in the month after the sale and 50% in the second month after the sale. Uncollectible accounts are nominal and can be ignored in the analysis. 2. The purchase of electronic parts is Splish's largest expenditure; the cost of these items is equal to 60% of sales. Splish receives 40% of the parts one month before it sells them and 60% during the 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. 4. Hourly wages, including fringe benefits, depend on the sales volume; they are equal to 20% of the current month's sales. The company pays these wages in the month incurred. 5. General and administrative expenses are projected to be $3,245,000 for 2022. The composition of these expenses is given below. The company incurs all of these expenses uniformly throughout the year, except for property taxes. It pays the property taxes in four equal instalments in the last month of each quarter: Ending cash balance From 1 month prior Borrowing Total cash available Property tax Total disbursements Beginning cash balance Income tax Total financing Investment Cash disbursements for wages Cash disbursements for parts Disbursements Excess of cash available over cash disbursements Financing Cash receipts Purchase of Land Total cash receipts Cash disbursements for general and administrative expenses 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. Prepare a schedule of Cash Receipts and Disbursements for Splish Instruments, by month, for the second quarter of 2022. Be sure that all receipts, disbursements, borrowing, and investing amounts are presented on a monthly basis. Ignore the interest expense and income from borrowing and investing. (Round answers to 0 decimal places, e.g. 125.)