Sheffield Corporation is projecting a cash balance of $39,000 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 $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 For the Quarter Ended March 31, 2022 Beginning Cash Balance Add Excess of Available Cash Over Cash Disbursements Receipts Collections from Customers Sale of Equipment 39000 240500 3900 283400 Total Available Cash Less Disbursements Direct Materials Collections from Customers Direct Labor Manufacturing Overhead Selling and Administrative Expenses Purchase of Securities Total Disbursements Financing Add Borrowings Less : Repayments Ending Cash Balance tA