--/1 Question 7 View Policies Current Attempt in Progress Novak Corporation is projecting a cash balance of $38,640 in its December 31, 2016, balance sheet. Novak's schedule of expected collections from customers for the first quarter of 2017 shows total collections of $238,280. The schedule of expected payments for direct materials for the first quarter of 2017 shows total payments of $55,384. Other information gathered for the first quarter of 2017 is sale of equipment $3,864; direct labor $90,160, manufacturing overhead $45,080, selling and administrative expenses $57,960; and purchase of securities $18,032. Novak wants to maintain a balance of at least $32,200 cash at the end of each quarter. Prepare a cash budget for the first quarter. (Do not leave any answer field blank. Enter Ofor amounts.) NOVAK CORPORATION Cash Budget e Textbook and Media Attempts: 0 of 3 used