Matthew Young, Sheffield Gary Fabricators budget director, has received budget information from several managers and is preparing the companys cash budget January February March Quarter Collections from sales 476,200 560,860 639,720 1,676,780 Payments for direct materials 80,505 253,125 280,730 614,360 Payments for direct labor 98,640 103,680 116,640 318,960 Payments for manufacturing overheads 78,490 78,980 80,240 237,710 Payments for Selling administrative expenses 111,400 116,440 123,160 351,000 In addition to the information he received from these managers, Matthew knows the following Sheffield Gary plans to have $ 32,400 in its cash account on January 1 Sheffield Gary plans to purchase and pay cash for a piece of land in January at a cost of $ 87,000 Sheffield Gary plans to make a cash purchase of equipment in March at a cost of $ 30,000 Sheffield Gary's income taxes from last quarter totaling $ 26,400 will be paid in January Sheffield Gary is required to maintain a minimum cash balance of $ 50,000 in its account at First National Bank Sheffield Gary has negotiated with the First National Bank to provide a $ 175,000 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 6 Any time a principal payment is made, all accrued interest to date is repaid Prepare Sheffield Hills cash budget for the first quarter January February March Quarter Begionach noc $ 32400 $ $ 90 63 $ $ 32400 Collection frantsikes 4322 1676760 Tocal valable to spend 50360 611023 1709180 Di Montero v 28 190 371 Land and Entent purdis 8700 30000 117000 Circle 10341 116640 3129 NET Selincs administrative perses 111430 116400 123160 353000 Payments for direct materials 80603 253125 200730 614350 Txalash disbursements 482433 552223 630770 1655430 Cachos dedency 25 53 58800 23750 Mashboard 500 50000 23835 8800 6250 Financing Borong 24000 24 V Totale 24000 Erlingo V 5 50165 S

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Matthew Young, Sheffield & Gary Fabricators budget director, has received budget information from several managers and is preparing the companys cash budget. January February March

Matthew Young, Sheffield & Gary Fabricators budget director, has received budget information from several managers and is preparing the companys cash budget.

	January	February	March	Quarter
Collections from sales	476,200	560,860	639,720	1,676,780
Payments for direct materials	80,505	253,125	280,730	614,360
Payments for direct labor	98,640	103,680	116,640	318,960
Payments for manufacturing overheads	78,490	78,980	80,240	237,710
Payments for Selling & administrative expenses	111,400	116,440	123,160	351,000

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

		Sheffield & Gary plans to have $ 32,400 in its cash account on January 1.
		Sheffield & Gary plans to purchase and pay cash for a piece of land in January at a cost of $ 87,000.
		Sheffield & Gary plans to make a cash purchase of equipment in March at a cost of $ 30,000.
		Sheffield & Gary's income taxes from last quarter totaling $ 26,400 will be paid in January.
		Sheffield & Gary is required to maintain a minimum cash balance of $ 50,000 in its account at First National Bank.

Sheffield & Gary has negotiated with the First National Bank to provide a $ 175,000 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 6%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Sheffield & Hills cash budget for the first quarter.

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January February March Quarter Begionach noc $ 32400 $ $ 90.63 $ $ 32400 Collection frantsikes 4322 1676760 Tocal valable to spend 50360 611023 1709180 Di Montero v 28-190 371 Land and Entent purdis 8700 30000 117000 Circle 10341 116640 3129 . NET Selincs administrative perses 111430 116400 123160 353000 Payments for direct materials 80603 253125 200730 614350 Txalash disbursements 482433 552223 630770 1655430 Cachos dedency 25.53 58800 23750 Mashboard 500 50000 - 23835 8800 6250 Financing Borong 24000 24 V Totale 24000 Erlingo V 5 50165 S