Pisani Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the budget for the first two quarters of 2016. It still needs to do only the cash budget. It has collected the following information from parts of the master budget and elsewhere:

Instructions
Prepare a cash budget for each of the first two quarters of 2016.

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Beginning cash balance Required minimum cash balance $30,000 20,000 4,000 Payment of income taxes (2nd quarter) Professional salaries: 1st quarteir 2nd quarter 140,000 140,000 7,000 Interest from investments (2nd quarter) Overhead costs: 1st quarter 2nd quarter 95,000 120,000 Selling and administrative expenses, including $3,000 of depreciation: 50,000 70,000 50,000 12,000 1st quarteir 2nd quarter Purchase of equipment (2nd quarter) Sale of equipment (1st quarter) Collections from clients: 1st quarteir 2nd quarter 245,000 390,000 300 Interest on repayments (2nd quarter)