Novak Corporation is projecting a cash balance of $30,000 in its December 31, 2021, balance sheet. Novok's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $160,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $41.000. Other information gathered for the first quarter of 2022 is as follows sale of equipment $5,000; direct labour $72,000, manufacturing overhead $38.000; selling and administration expenses $44,000; and purchase of securities $14.000. Novak wants to maintain a balance of at least $22.000 cash at the end of each quarter. Prepare a cash budget for the first quarter a NOVAK CORPORATION Cash Budget For the First Quarter Ending March 31, 2022 $ 30000 Beginning cash balance Add : Cash receipts 180000 Collection from customers 5000 Sale of equipment 185000 Total recept INS5211 Tulip TO Total 115000 De materials Director Macturing over Selling and distrative 14000 Parfece 2000 Tube 2000 Esterhubu Finance Sun A4 2 O Type here to search DOLL TARJO Total disbursements 209000 Excess of cash receipts over cash disbursements 6000 Financing Borrowing 14000 Repayment Ending cash balance 20000 Total financing 34000 e Textbook and Media