Aaron Corporation is projecting a cash balance of $30,576 in its December 31, 2013, balance sheet. Aaron’s schedule of expected collections from customers for the first quarter of 2014 shows total collections of $179,758. The schedule of expected payments for direct materials for the first quarter of 2014 shows total payments of $41,394. Other information gathered for the first quarter of 2014 is sale of equipment $3,199, direct labor $70,205, manufacturing overhead $34,984, selling and administrative expenses $45,391 and purchase of securities $11,990. Aaron wants to maintain a balance of at least $24,644 cash at the end of each quarter.
Prepare a cash budget for the first quarter.