The cash balance on December 31,2020 is expected to be $15,500 Required: Prepare the Cash budget for the NBC for the first quarter 2021 NBC Company provides word processing services for its clients. NBC uses modern equipment and employs Six data entry clerks who each average 200 hours of work a month. The following table sets out information developed by the budget officer. The company has a bank loan of $20,000 at a 10 per cent annual interest rate. Interest is paid monthly, and $4,000 of the principle of the loan is due February 28,2021 . No capital expenditures are anticipated for the first quarter of the coming year. Income taxes of $5,500 for calendar 2020 are due and payable on March 15, 2021. The company's Six employees earn $12.50 an hour, and all payroll-related labour benefit costs are included in processing overhead. For the items included in the table, assume the following conditions