Your answer is partially correct. Try again. Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $31,800 Required minimum cash balance 26,500 Payment of income taxes (2nd quarter) 4,240 Professional salaries: 1st quarter 148,400 2nd quarter 148,400 Interest from Investments (2nd quarter) 7,420 Overhead costs 1st quarter 81,620 2nd quarter 105,000 Selling and administrative costs, including $9,120 depreciation: Ist quarter 53,000 2nd quarter 74,200 Purchase of equipment (2nd quarter) 53,000 Sal of equipment (1st quarter) 12,220 Collections from clients Ist quarter 249,100 1st quarter 2nd quarter Interest payments (2nd quarter) 249,100 402,800 212 Prepare a cash budget for each of the first two quarters of 2020. PLETCHER DENTAL CLINIC Cash Budget For the Two Quarters Ending June 30, 2020 1st Quarter 2nd Quarter 31800 26500 Beginning Cash Balance Add Receipts Collections from Clients 249100 402800 Sale of Equipment 12720 Investment Interest 7420 Total Receipts 261820 410220 Total Cash Available 293620 436720 Less Disbursements Less Disbursements 148400 148400 Professional Salaries Overhead Costs 81620 106000 50880 72080 Selling and Administrative Costs Payment of Income Taxes 148400 x Equipment Purchase -4240 Total Disbursements 280900 383720 Excess (Deficiency) of Cash Available Over Cash Disbursements 12720 53000 Financing Add Borrowings 13780 Less Repayments - 13992 Ending Cash Balance 26500 39008