payments are made at the beginning of each calendar quarter based on the income of the prior quarter Alpha-Tech is subject to an income-tax rate of 40 percent. Alpha-Tech's operating income for the first quarter of 20x5 is projected to be $3,100,000. The company pays 100 percent of the Alpha-Tech maintains a minimum cash balance of the company borrows cash flow. The projected April 1, 20x5, opening balance is $520,000 tax payment is less than $520,000 at the end of each month, necessary to maintain this balance. All amounts borrowed are repaid out of the subsequent positive . Alpha-Tech has no m debt as of April 1, 20x5 .Alpha-Tech uses a calendar year for both financial reporting and tax purposes. 1 Prepare a cash budget for Alpha-Tech by month for the second quarter of 20x5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.) For the Second Quarter of 20x5 Collections References