= Homework: Chp M:7 Homework Question 1, PM7-41A (similar to) Part 13 of 19 Other data for Goldberg Tire Company: (Click the icon to view the other date.) The Goldberg Tire Company manufactures racing tires for bicycles. Goldberg sells tires for $70 each. Goldberg is planning for the next year by developing a master budget by quarters. Goldberg's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Review the cash payments budget you prepared above. Goldberg Tire Company Beginning cash balance Cash receipts Cash available Cash payments: Reference Cash Receipts from Customers Cash Budget For the Year Ended December 31, 2025 First Total sales Quarter HW Score: 71.72%, 71.72 of 100 points Points: 71.72 of 100 Save First Quarter Second $ Third Fourth Quarter Quarter Quarter 133,000 $140,000||$ 147,000 $ 154,000 S First Second Third Fourth Quarter Quarter Quarter Quarter Total 574,000 Total 130,440 20,000 1st Qtr-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2024 1st Qtr.-Cash sales $ 40,000 26,600 63,840 $ 42,560 28,000 67,200 S 44,900 29,400 70,580 $ 47,040 30,900 73,920 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers 130,440 $ 137,760 S 144,760 S 151,760 S 564,720 Capital expenditures Purchases of direct materials 34,988 Direct labor 22,400 Manufacturing overhead 40,795 Seling and administrative expenses 22,290 Income taxes 2,500 Interest expense 142,943 Total cash payments Ending cash balance before financing (50,000) Minimum cash balance desired Projected cash excess (de ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance 0 Accounts Receivable balance, December 31, 2025: 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2026 $ 49,280