Prepare a cash budget for the first quarter based on the following information:

• Beginning cash balance: $20,000
• Expected collections: January $30,000, February $40,000, March $50,000
• Expected payments: January $25,000, February $35,000, March $30,000
• Desired minimum cash balance: $10,000

Determine the ending cash balance for each month and identify any borrowing needed to maintain the minimum cash balance.