SHERIDAN CORPORATION Cash Budget Sheridan Corporation is projecting a cash balance of $34,200 in its December 31,2021 , balance sheet. Sheridan's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $210,900. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $49,020 Other information gathered for the first quarter of 2022 is sale of equipment $3,420; direct labor $79,800, manufacturing overhead $39,900, selling and administrative expenses $51,300; and purchase of securities $15,960. Sheridan wants to maintain a balance of at least $28,500 cash at the end of each quarter. Prepare a cash budget for the first quarter