for accounting 281, make a Cash Budge

Cash Budget Assumptions: Beginning cash balance is $22,900. Management would like to have a cash balance of at least $30,000 at the beginning of each quarter for contingencies. Management plans to spend $111,000 during the year on equipment purchases: $24,000 in the first quarter; $38,000 in the second quarter; $23,000 in the third quarter; and $26,000 in the fourth quarter. Direct labor is paid 100% in the quarter incurred. MOH and Selling & Administrative expenses: all items except depreciation are paid in the quarter incurred. Company makes equal quarterly payments of its estimated annual income taxes. Company has an agreement with a local bank that allows it to borrow in increments of $10,000 at the beginning of each quarter up to $600,000 total loan balance. Interest rate on loans is 1% per month (not compounded, for simplicity). Company repays loans and interest at the end of the year Cash Budget Assumptions: Beginning cash balance is $22,900. Management would like to have a cash balance of at least $30,000 at the beginning of each quarter for contingencies. Management plans to spend $111,000 during the year on equipment purchases: $24,000 in the first quarter; $38,000 in the second quarter; $23,000 in the third quarter; and $26,000 in the fourth quarter. Direct labor is paid 100% in the quarter incurred. MOH and Selling & Administrative expenses: all items except depreciation are paid in the quarter incurred. Company makes equal quarterly payments of its estimated annual income taxes. Company has an agreement with a local bank that allows it to borrow in increments of $10,000 at the beginning of each quarter up to $600,000 total loan balance. Interest rate on loans is 1% per month (not compounded, for simplicity). Company repays loans and interest at the end of the year