Sheridan Corporation is projecting a cash balance of $26,400 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 $162,800. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $37,840. Other information gathered for the first quarter of 2022 is sale of equipment $2,640; direct labor $61,600, manufacturing overhead $30,800, selling and administrative expenses $39,600; and purchase of securities $12,320.

Sheridan wants to maintain a balance of at least $22,000 cash at the end of each quarter.

Prepare a cash budget for the first quarter.