Pharoah Corporation is projecting a cash balance of $32,000 in its December 31, 2021, balance sheet. Pharoah's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $43,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $2,000; direct labour $80,000, manufacturing overhead $33,000; selling and administrative expenses $40,000; and purchase of securities $12,000. Pharoah wants to maintain a balance of at least $23,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. Beginning cash balance PHAROAH CORPORATION Cash Budget For the First Quarter Ending March 31, 2022 Add Cash receipts Collection from customers Sale of equipment Total receipts Total available cash Less : Disbursements Direct labour $ 32,000 183,000 2,000 185,000 217,000 80,000