Sheffield Corporation is projecting a cash balance of $$27,000$ in its December $31,2021,$ balance sheet. Sheffield's schedule of expected collections from customers for the first quarter of $2022$ shows total collections of $$180,000.$ The schedule of expected payments for direct materials for the first quarter of $2022$ shows total payments of $$36,000.$ Other information gathered for the first quarter of $2022$ is as follows: sale of equipment $$3,000$; direct labour $$71,000,$ manufacturing overhead $$33,000$; selling and administrative expenses $$45,000$; and purchase of securities $$15,000.$ Sheffield 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.

SHEFFIELD CORPORATION

Cash Budget

For the First Quarter Ending March $31,2022$