Exercise 22-15 Deitz Corporation is projecting a cash balance of $32,100 in its December 31, 2019, balance sheet. Deitz's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $197,950. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $46,010. Other information gathered for the first quarter of 2020 is sale of equipment $3,210; direct labor $74,900, manufacturing overhead $37,450, selling and administrative expenses $48,150; and purchase of securities $14,980. Deitz wants to maintain a balance of at least $26,750 cash at the end of each quarter. Prepare a cash budget for the first quarter.
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