Cash budget, please help with all 4 quarters if possible! Thank you!

The Giseppe Tire Company manufactures racing tires for bicycles. Giseppe sells tires for $80 each. Giseppe is planning for the next year by developing a master budget by quarters. Giseppe's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) MAKAN Review the cash payments budget you prepared above. Beginning cash balance: Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance Giseppe Tire Company Cash Budget For the Year Ended December 31, 2025 First Quarter $ 35,000 110,400 145,400 50,000 32,203 4,560 10,430 15,300 3,000 0 115,493 29,907 (35,000) (5,093) 6,000 0 6,000 $ 35.907 Second Quarter 35907 94,080 129987 0 22,481 4,960 10,630 15,620 3,000 (35,000) -CID F More info (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 1,000 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2024 consists of 100 tires at $34 each. c. Desired ending Finished Goods Inventory is 20% of the next quarter's sales; first quarter sales for 2026 are expected be 1,800 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 200 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are two pounds of a rubber compound per tire. The cost of the compound is $8.50 per pound. f. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 200 pounds; indirect materials are insignificant and not considered for budgeting purposes. Each tire requires 0.40 hours of direct labor, direct labor costs average $10 per hour. g. h. Variable manufacturing overhead is $2 per tire. 1. Fixed manufacturing overhead includes $5,500 per quarter in depreciation and $8,150 per quarter for other costs, such as utilities, insurance, and property taxes. 1. Fixed selling and administrative expenses include $11,000 per quarter for salaries: $1,500 per quarter for rent; $1,200 per quarter for insurance; and $500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. 1. Capital expenditures include $50,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 85% in the quarter of the sale and 15% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter: December 31, 2024, Accounts Payable is paid in the first quarter of 2025. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred. q. Giseppe desires to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 4% per year and paid at the beginning of the quarter based on the amount outstanding from the previous example Get more help - Print Done X Data table Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Giseppe Tire Company Balance Sheet December 31, 2024 Assets Common Stock, no par Retained Earnings Liabilities. Stockholders' Equity $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity 35,000 40,000 1,700 3,400 177,000 (39,000) 125,000 80,100 $ $ $ 80,100 138,000 218,100 13,000 205,100 218,100 M X Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2024 1st Qtr-Cash sales 1st Qtr-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr-Cash sales 3rd Qtr-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr-Cash sales 4th Qtr-Credit sales, collection of Qtr. 4 sales in Qtr. 41 Total cash receipts from customers Accounts Receivable balance, December 31, 2025: 4th Otr-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2026 Second Third Quarter Quarter $ 80,000 $ 96,000 $ 112,000 First Quarter $ First Quarter 40,000 16,000 54,400 Fourth Quarter $ 128,000 Second Third Fourth Quarter Quarter Quarter $ 15,360 $ 9,600 19,200 65,280 $ 11,520 22,400 76,160 Total $416,000 Total $ 13,440 25,600 87,040 $ 110,400 $ 94,080 $ 110,080 $126,080 $ 440,640 Review the manufacturing overhead budget you prepared above. Review the selling and administrative expense budget you prepared above. Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, December 31, 2024 1st Qtr-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr-Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr-Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 4 4th Otr.-Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses $ $ First Second Third Fourth Quarter Quarter Quarter Quarter Total 24,004 $ 22,100 $ 25,500 $ 21,216 S 92,820 First Second Third Quarter Quarter Quarter 13,000 19,203 32,203 4,560 2,280 8,150 10,430 11,000 1,500 1,200 1,600 15,300 $ 4,801 17,680 22,481 4,960 2,480 8,150 10,630 11,000 1,500 1,200 1,920 15,620 $ 4,420 20,400 24,820 5,760 2,880 8,150 11,030 11,000 1,500 1,200 2,240 15,940 $ Fourth Quarter 5,100 16,973 22,073 $ 101,577 6,560 3,280 8,150 11,430 Total 11,000 1,500 1,200 2,560 16,260 21,840 10,920 32,600 43,520 44,000 6,000 4,800 8,320 63,120 Utilities, insurance, property taxes Total payments for manufacturing overhead Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments (before interest) Accounts Payable balance, December 31, 2025: 4th Qtr-Qtr. 4 direct material purchases paid in Qtr. 1 of 2026 8,150 10,430 11,000 1,500 1,200 1,600 15,300 3,000 50,000 8,150 10,630 4,243 11,000 1,500 1,200 1,920 15,620 3,000 8,150 11,030 11,000 1,500 1,200 2,240 15,940 3,000 8,150 11,430 11,000 1,500 1,200 2,560 16,260 3,000 32,600 43,520 44,000 6,000 4,800 8,320 63,120 12,000 50,000 $ 115,493 $ 56,691 $ 60,550 $ 59,323 $ 292,057