Thomas Taylor, Vaughn & Chris Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. March Collections from sales Payments for direct materials Payments for direct labor Payments for manufacturing overheads Payments for Selling & administrative expenses January 476.200 80,505 98,640 78,490 111,400 February 563,860 253,125 103,680 78,980 116,440 639,720 280,730 116,640 80,240 123,160 Quarter 1,679,780 614,360 318,960 237.710 351,000 In addition to the information he received from these managers, Thomas knows the following: . Vaughn & Chris plans to have $32,400 in its cash account on January 1. Vaughn & Chris plans to purchase and pay cash for a piece of land in Januay at a cost of $87,000. Vaughn & Chris plans to make a cash purchase of equipment in March at a cost of $31,000. Vaughn & Chris's income taxes from last quarter totaling $26,400 will be paid in January Vaughn & Chris is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. . Vaughn & Chris has negotiated with the First National Bank to provide a $175,000 line of credit that can be borrowed against in $1.000 increments on the first day of the month. Any repayments on the line of credit must also be made in $1.000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 6%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Vaughn & Hill's cash budget for the first quarter. (Round answers to decimal places, es 5,275. Enter answers in necessary helds only. Leave other fields blank. Do not enter 0. Enter negative amounts using either a negative sign preceding the numberes. January February M Beginning cash balance $ 32400 $ 476200 Collections from sales Total cash available to spend . 508600 Less Disbursements Payments for direct materials 80505 Direct labor 98640 Manufacturing overhead 78490 Selling & administrative expenses 111400 . . . . Income taxes 26400 Land and Equipment purchases Total cash disbursements . 395435 Cash excess deficiency) 113165 Minimum cash balance 50000 Land and Equipment purchases Total cash disbursements 395435 Cash excess (deficiency) 113165 Minimum cash balance 50000 Cash excess (needed) 163165 Financing Borrowings Repayments 164000 Interest Total financing 164000 Ending cash balance . $ $ January February March Quarter 32400 476200 508600 80505 98640 78490 111400 26400 395435 113165