John Wills, Swifty & Hill Fabricators budget director, has received budget information from several managers and is preparing the companys cash budget.

		January			February			March			Quarter
Collections from sales		303,405			550,875			587,100			1,441,380
Payments for direct materials		45,470			67,800			80,180			193,450
Payments for direct labor		125,430			215,830			190,970			532,230
Payments for manufacturing overheads		97,615			100,779			99,909			298,303
Payments for Selling & administrative expenses		58,195			74,300			70,910			203,405

In addition to the information he received from these managers, John knows the following:

		Bates & Hill plans to have $67,800 in its cash account on January 1.
		Bates & Hill plans to declare and pay dividends totaling $55,300 in January.
		Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $81,360.
		Bates & Hill plans to make a cash purchase of equipment in March at a cost of $67,800.
		Bates & Hills income taxes from last quarter totaling $85,040 will be paid in January.
		Bates & Hill is required to maintain a minimum cash balance of $33,900 in its account at First National Bank.

Swifty & Hill has negotiated with the First National Bank to provide a $198,000 line of credit that can be borrowed against in $1,000 increments on the first day of the month. Any repayments on the line of credit must also be made in $1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 14%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Swifty & Hills cash budget for the first quarter