Sheffield Corporation is projecting a cash balance of $27,000 in its December 31,2021 , balance sheet. Sheiffeld'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. Collection from customers 180000 Sale of equipment 3000 Total receipts Total available cash Less 0: Disbursements Direct materials Direct labour Manufacturing overhead Selling and administrative expenses Purchase of securities Total disbursements Excess of cash receipts over cash disbursements 0 Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes