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Rotech Co. began operations in January 2019. The information below is for Rotech Co.'s operations for the three months from January to March (the first quarter) of 2020: Depreciation $35,100 Factory overhead 14,900 Income taxes 24,900 Payroll 28,800 Selling costs (2% commission on sales) 12,000 Administrative costs 14,800 Costs are assumed to be incurred evenly throughout the year, with the exception of depreciation and income taxes. Depreciation on new assets is rst taken in the quarter after the quarter in which they are purchased. Income taxes are payable in semi-annual instalments on the rst day of each six-month period, based on last year's actual taxes of $29,900. Other information: 1. Sales (made evenly throughout the quarter) Quarter 1 (actual) $600,000 Quarter 2 (forecast) 398,800 Quarter 3 (forecast) 795,200 Collections from sales are as follows: 50% in the quarter of sale; 45% in the following quarter; 5% uncollectible. 2. Purchases (made evenly throughout the quarter) Quarter 1 (actual) $298,740 The gross margin ratio is constant at 40%. Cash payments for purchases are as follows: 50% in the quarter of purchase and 50% in the following quarter. Merchandise purchased during a quarter would include 25% of the next quarter's forecast sales. 3. The company purchased capital equipment for $150,500 in February 2019. The estimated useful life of this equipment is 10 years; it has no estimated scrap value. 4. Dividends of $20,200 are declared on the last day of each quarter and are paid at the end of the next month. 5. The cash balance in the bank at the end of the first quarter is $44,700. (a) Prepare a cash budget for Rotech Co. for the second quarter of 2020. ROTECH CO. Cash Budget For the Second Quarter Ended June 30, 2020 Beginning cash balance v $ 44,700 Add v : Cash receipts v Collections from Q1 v 270,000 Collections from Q2 v 199,400 Total cash receipts v 469,400 Total available cash v 514,100 Less v : Disbursements v Merchandise purchases v 298,740 Payroll v 28,800 Payroll 28,800 Factory overhead V 14,900 Selling costs V Administrative costs V 14,800 Dividends V 20,200 Total disbursements V Excess of cash available over cash disbursements v Financing Borrowing 0 Less v . Repayment V 0