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Coronado Corporation is projecting a cash balance of $35,400 in its December 31,2021 , balance sheet. Coronado's schedule of expected collections from customers for the
Coronado Corporation is projecting a cash balance of $35,400 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 $218,300. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $50,740. Other information gathered for the first quarter of 2022 is sale of equipment $3,540, directlabor $82,600, manufacturing overhead $41,300, selling and administrative expenses $53,100; and purchase of securities $16,520. Coronado wants to maintain a balance of at least $29,500 cash at the end of each quarter Prepare a cash budget for the first quarter.
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