Exercise 10.28 Pink Martini Corporation is projecting a cash balance of $27,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $44,000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $3,000; direct labour $64,000, manufacturing overhead $34,000; selling and administrative expenses $49,000; and purchase of securities $12,000. Pink Martini 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. PINK MARTINI CORPORATION Cash Budget For the First Quarter Ending March 31, 2020