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Bridgeport Corporation is projecting a cash balance of $28,000 in its December 31, 2021, balance...

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Accounting

Bridgeport Corporation is projecting a cash balance of $28,000 in its December 31, 2021, balance sheet. Bridgeport's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $179,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $37,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $2,000; direct labour $69,000, manufacturing overhead $34,000; selling and administrative expenses $44,000; and purchase of securities $15,000. Bridgeport wants to maintain a balance of at least $22,000 cash at the end of each quarter. Prepare a cash budget for the first quarter.

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