Sheridan Corporation is projecting a cash balance of $$33,000$ 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 $$182,000.$ The

schedule of expected payments for direct materials for the first quarter of $2022$ shows total payments of $$42,000.$

Other information gathered for the first quarter of $2022$ is as follows: sale of equipment $$5,000$; direct labour $$72,000$

manufacturing overhead $$37,000$; selling and administrative expenses $$46,000$; and purchase of securities $$15,000.$

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.

SHERIDAN CORPORATION

Cash Budget

For the First Quarter Ending March $31,2022$