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Please Prepare A cash budget for the first quarter of 2022

Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31,2021 , totaled $183,600. Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31,2021 totaled 11,190 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2021, totaled $120,595. The Cash balance on December 31,2021 , totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022 . Dividends are paid each month at the rate of $2.30 per share for 5,330 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 6% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $530,000 equipment purchase is planned for February. Fsr the first duarter of 2022 , prepars a sales budset. eTextbook and Medla Using multip a attempts will impact your score. 10% scere reduction after attempt 1 (b) Youranswer is carract. For the first cuarter of 2022 , prepars a production budget. Your answar is corract. For tha hirst cuarter of 2022 , preare a diract labor budget. (Round time per unit to nearest hout, e.7. 30 minutes will be rounded to 0.5 hoursi For the first quarter of 2022, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 decimal places. e.g. 1.25) WATERWAYS CORPORATION Selling and Administrative Expense Budget For the First Quarter of 2022 First Quarter \begin{tabular}{c} February \\ \hline 111000 \end{tabular} 1115000March Quarter Fixed Expenses Advertising $ \begin{tabular}{|l|l|} \hline & 16000i \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 16000i \\ \hline \end{tabular} $\begin{tabular}{|l|l|} \hline 48000i \\ \hline \end{tabular} For the first quarter of 2022 , prepare a schedule for expected cash collections from customers. For the first quarter of 2022, prepare a cash budget (Round answers to 0 decimal places, e.g. 2,520.)