Sheffield Corporation is projecting a cash balance of $39,000 in its December 31, 2021, balance sheet. Sheffields schedule of expected collections from customers for the first quarter of 2022 shows total collections of $240,500. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $55,900. Other information gathered for the first quarter of 2022 is sale of equipment $3,900; direct labor $91,000, manufacturing overhead $45,500, selling and administrative expenses $58,500; and purchase of securities $18,200. Sheffield wants to maintain a balance of at least $32,500 cash at the end of each quarter. Prepare a cash budget for the first quarter.

SHEFFIELD CORPORATION Cash Budget $ >