Oriole Corporation is projecting a cash balance of $31,500 in its December 31, 2019, balance sheet. Oriole's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $194,250. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $45,150. Other information gathered for the first quarter of 2020 is sale of equipment $3,150; direct labor $73,500, manufacturing overhead $36,750, selling and administrative expenses $47.250; and purchase of securities $14,700. Oriole wants to maintain a balance of at least $26,250 cash at the end of each quarter. Prepare a cash budget for the first quarter. ORIOLE CORPORATION Cash Budget