Coronado Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firms marketing director, has completed the following sales forecast.

Month		Sales		Month		Sales
January		$908,300		July		$1,508,600
February		$1,005,000		August		$1,508,600
March		$908,300		September		$1,609,200
April		$1,158,100		October		$1,609,200
May		$1,256,000		November		$1,508,600
June		$1,403,400		December		$1,702,100

Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information.

	All sales are made on credit.
	Coronados excellent record in accounts receivable collection is expected to continue, with 60% of billings collected in the month after sale and the remaining 40% collected two months after the sale.
	Cost of goods sold, Coronados largest expense, is estimated to equal 40% of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30% during the month of sale. For example, in April, 30% of April cost of goods sold is purchased and 70% of May cost of goods sold is purchased.
	All purchases are made on account. Historically, 75% of accounts payable have been paid during the month of purchase, and the remaining 25% in the month following purchase.
	Hourly wages and fringe benefits, estimated at 30% of the current months sales, are paid in the month incurred.
	General and administrative expenses are projected to be $1,565,700 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter.

Salaries and fringe benefits		$	329,700
Advertising			372,600
Property taxes			141,600
Insurance			193,600
Utilities			178,000
Depreciation			350,200
Total		$	1,565,700

Operating income for the first quarter of the coming year is projected to be $326,000. Coronado is subject to a 40% tax rate. The company pays 100% of its estimated taxes in the month following the end of each quarter.

Coronado maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12% line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $55,400.

Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter ansi Cash Budget April May June Quarter Beginning Cash balance 55400 50753 50005 55400 Collection from Sales 946980 105818 3222000 Total cash available to spend 1002380 1108933 1108933 1266845 126 3277400 TLess: T disbursements T Payments for inventory 476305 530417 579030 1585752 T Wages , 347430 376800 421020 T 1145250 T Salaries , 27475 27475 274757 82425 T Advertising T 31050 T 31050 93150 T Property taxes 35400 35400 T Insurance 16133 161331 16133 48400 Utilities 14833 14833 T 14833 T 44500 T Income taxes 13040 130400 T Total cash disbursements 1043627 9967091 T 1124942 3165277 T Cash excess (deficiency) T 41247 112225 141903 112123 T Minimum cash balance T 50000 50000 50000 50000 T Cash excess (needed) -91247 L 62225 9190 62123 Financing: Borrowings 9200017 92000 Repayments -61000 -31000 -92000 Interest -1220 -2150 DOOD 1 Total financing 92000 -62200 -31930 -2150 50753 Ending Cash Balance 50005 109973 1 099731 J 109973)