Coronado Corporation is projecting a cash balance of $30,000 in its December 31, 2021, balance sheet. Coronado's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $177,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $42,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $3,000; direct labour $62,000, manufacturing overhead $36,000; selling and administrative expenses $47,000; and purchase of securities $14,000. Coronado wants to maintain a balance of at least $24,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. CORONADO CORPORATION Cash Budget For the First Quarter Ending March 31, 2022 Beginning cash balance Add : Cash receipts Collection from customers Sale of equipment Total receipts Total available cash Less : Disbursements Direct materials Direct labour Manufacturing overhead Selling and administrative expenses Purchase of securities Total disbursements Excess of cash receipts over cash disbursements Financing Borrowing Repayment Ending cash balance > 30,000