William Brown, Sheridan & David Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. Collections from sales Payments for direct materials Payments for direct labor Payments for manufacturing overheads Payments for Selling & administrative expenses January 478,200 80,505 98,640 78,490 111,400 February 561,860 253,125 103,680 78,980 116,440 March 636,720 274,730 116,640 80,240 123,160 Quarter 1,676,780 608,360 318,960 237,710 351,000 In addition to the information he received from these managers, William knows the following: Sheridan & David plans to have $32,400 in its cash account on January 1. Sheridan & David plans to purchase and pay cash for a piece of land in January at a cost of $89,000. Sheridan & David plans to make a cash purchase of equipment in March at a cost of $28,000. Sheridan & David's income taxes from last quarter totaling $26,400 will be paid in January. Sheridan & David is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Sheridan & David 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 Sheridan & 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 eg. (45).) January February Beginning cash balance A A Collections from sales Total cash available to spend 4 Less 4 : Disbursements Payments for direct aterials Manufacturing overhead Selling & administrative expenses Direct labor Land and Equipment purchases - Dividends Total cash disbursements Income taxes Minimum cash balance Cash excess (deficiency) Financing Borrowings Repayments Interest Total financing Ending cash balance $ February March Quarter A $ MILO $ $