prepare cash budget

The Level 3 Manufacturing Company expects to start January 1, 2022, with a cash balance of $60,000. Additional information for the cash budget covering 2022 by quarters is as follows: Cash collections from customers: $120,000 in quarter 1, $140,000 in quarter 2, $150,000 in quarter 3, and $250,000 in quarter 4. Payments for purchases of direct materials: $54,000 in quarter 1, $60,000 in quarter 2, $65,000 in quarter3, and $75,000 in quarter 4. Payments for direct labor: $32,000 in quarter 1, $50,000 in quarter 2, $65,000 in quarter 3, and $70,000 in quarter 4 Manufacturing overhead (includes depreciation of $3,000): $33,000 in each quarter. Paid in the period incurred (except depreciation). Selling and administrative expenses (excludes depreciation): $14,000 in quarter 1, $15,000 in quarter 3, $15,000 in quarter 3 and $16,000 in quarter 4. Selling and administrative expenses are paid in the same period as incurred. The company will purchase and pay for a new computer system in the fourth quarter $10,000. The company has a line of credit at a financial institution that enables it to borrow up to $50,000. The company will borrow money at the beginning of a period when it needs money and repays borrowed money with accumulated interest at the end of the period when it has cash in excess of its minimum desired balance of $50,000. The annual interest rate on borrowed money is 6%. a Required: Prepare the cash budget for Level 3 Manufacturing for 2022. Show each quarter in a column, a totals of the 4 quarters together is also required. Make sure you have a complete and accurate heading and use the appropriate labels