Financial Accounting:

Using the information below, prepare Slowinski's cash budget for the upcoming year. The cash balance at the beginning of the year is $46,400. The minimum cash balance according to management is $100,000:

Collections from customers $999,400

Cash paid for operating expenses $360,000

Interest on investments $12,000

Sale of machinery for cash $45,000

Purchase of inventory for cash $407,000

Payment of interest expense $14,000

Payment for land $75,000

Payment of long-term debt $23,000