View Policies Current Attempt in Progress Chris Anderson, Sheffield & Daniel Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. January February March Quarter Collections from sales 477,200 560,860 637,720 1,675,780 Payments for direct materials 80,505 253,125 280,730 614,360 Payments for direct labor 98,640 103,680 116,640 318,960 Payments for manufacturing overheads 78,490 78,980 80,240 237,710 Payments for Selling & administrative expenses 111,400 116,440 123,160 351,000 In addition to the information he received from these managers, Chris knows the following: . Sheffield & Daniel plans to have $32,400 in its cash account on January 1. . Sheffield & Daniel plans to purchase and pay cash for a piece of land in January at a cost of $90,000. Sheffield & Daniel plans to make a cash purchase of equipment in March at a cost of $30,000. . Sheffield & Daniel's income taxes from last quarter totaling $26,400 will be paid in January. . Sheffield & Daniel is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Sheffield & Daniel 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 Sheffield & Hill's cash budget for the first quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) January February $ $ $ A a January February March Quarter $ $ $ | LA January February $ $ Land and Equipment purchases Minimum cash balance Dividends Interest Ending cash balance Cash excess (needed) Borrowings Beginning cash balance Repayments Income taxes Manufacturing overhead Direct labor Selling & administrative expenses Payments for direct materials Cash excess (deficiency) Collections from sales 4 January February $ $ $ Total cash disbursements Disbursements Financing Total financing Total cash available to spend