if someone could help solve cash budget along with showing calculations it would be appreciated!
Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31,2021 , totaled $181,800. Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31,2021 totaled 11,210 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31,2021 , totaled $120,595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. \begin{tabular}{lrl} Manufacturing Overhead & \\ Indirect materials & 306 & perlabor hour \\ Indirect labor & 506 & per labor hour \\ Utilities & 404 & per labor hour \\ Maintenance & 306 & perlabor hour \\ Salaries & $41,000 & permonth \\ Depreciation & $16,400 & permonth \\ Property taxes & $2,800 & permonth \\ Insurance & $1,200 & permonth \\ Maintenance & $1,200 & permonth \end{tabular} Selling and Administrative Variable selling and administrative cost per unit is $1.70. Advertising $14,000 a month Insurance $1,300 a month Other Information The Cash balance on December 31, 2021, totaled $102.000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31,2022 . Dividends are paid each month at the rate of $2.30 per share for 5,140 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $550,000 equipment purchase is planned for February. For the first quarter of 2022, prepare a cash budget. (Round answers to 0 decimal places, e.g. 2,520.) Direct Labor Manufacturing Overhead Selling And Administrative Equipment Purchase Dividends Total Disbursements Excess (Deficiency) Of Available Cash Over Cash Disbursements \begin{tabular}{|c|} \hline 201780 \\ \hline 96230 \\ \hline 284300 \\ \hline 0 \\ \hline 11822 \\ \hline 804459 \\ \hline 621741 \\ \hline \end{tabular} Financing Add : Borrowings 0 Less * \begin{tabular}{r|r|} \hline \\ \hline \end{tabular} Dividends 12822 Total Disbursements 804459 Excess (Deficiency) Of Available Cash Over Cash Disbursements 621741 Financing Add : Borrowings Less: : Repayments Interest Ending Cash Balance Your answer is correct. For the first quarter of 2022, prepare a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, e.g. 2,520.) For the first quarter of 2022, prepare a schedule for expected cash collections from customers
