Answer Happy

Sheffield Corporation is projecting a cash balance of
$39,000 in its December 31, 2021, balance
sheet. Sheffield’s schedule of expected collections from
customers for the first quarter of 2022 shows total collections of
$240,500. The schedule of expected payments for direct materials
for the first quarter of 2022 shows total payments of $55,900.
Other information gathered for the first quarter of 2022 is sale of
equipment $3,900; direct labor $91,000, manufacturing overhead
$45,500, selling and administrative expenses $58,500; and purchase
of securities $18,200. Sheffield wants to maintain a
balance of at least $32,500 cash at the end of each
quarter.

Prepare a cash budget for the first quarter.
SHEFFIELD CORPORATION Cash Budget $ < < <

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