Exercise 9-15 (Video) Deitz Corporation is projecting a cash balance of $36,600 in its December 31, 2019, balance sheet. Deitz's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $225,700. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $52,460. Other information gathered for the first quarter of 2020 is sale of equipment $3,660; direct labor $85,400, manufacturing overhead $42,700, selling and administrative expenses $54,900; and purchase of securities $17,080. Deitz wants to maintain a balance of at least $30,500 cash at the end of each quarter. Prepare a cash budget for the first quarter. DEITZ CORPORATION Cash Budget