Bridgeport Instruments, a rapidly expanding electronic parts distributor, is formulating its plans for $2022.$ Jason Allen, the firm's director of marketing, has completed his $2022$ forecast and is confident that the company will meet or exceed sales estimates. The following sales figures show the growth that is expected and are the basis for planning in the other corporate departments:

Month

Forecast Sales

Month

Forecast Sales

January

$$3\mathrm{.}444,000$

$3\mathrm{.}690\mathrm{.}000$

July

$4,920\mathrm{.}000$

February

August

$4\mathrm{.}920,000$

March

$3,444,000$

September

$5,166,000$

April

$3,936,000$

October

$5\mathrm{.}166\mathrm{.}000$

May

$4,305,000$

November

$4,920,000$

June

$4,674,000$

December

$5,412,000$

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Gary Young, 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:

Month

Forecast Sales

Month

Forecast Sales

January

$$3\mathrm{.}444,000$

$3\mathrm{.}690\mathrm{.}000$

July

$4,920\mathrm{.}000$

February

August

$4\mathrm{.}920,000$

March

$3,444,000$

September

$5,166,000$

April

$3,936,000$

October

$5\mathrm{.}166\mathrm{.}000$

May

$4,305,000$

November

$4,920,000$

June

$4,674,000$

December

$5,412,000$

Gary Young, 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:

$1.$Bridgeport 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 Bridgeport's largest expenditure; the cost of these items is equal to $60\%$ of sales. Bridgeport receives $40\%$ of the parts one month before it sells them and $60\%$ during the month of sale.

$3.$Historically, Bridgeport has cleared $60\%$ of the accounts payalale 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 $$3,382,500$ 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.

Salaries

$$602,700$

Promotion

$824,100$

Property taxes

$307\mathrm{.}500$

Insurance

$455,100$

Utilities

$430,500$

Depreciation

$762\mathrm{.}600$

$$3,382\mathrm{.}500$

$6.$ Bridgeport 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 $$922,500.$

$7.$ Bridgeport has a corporate policy of maintaining an end$-$of$-$month cash balance of $$246,000.$ It invests or borrows cash monthly, as necessary, to maintain this balance

$8.$ Bridgeport uses a calendar$-$year reporting period.

Prepare a schedule of Cash Receipts and Disbursements for Bridgeport 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.