5 1 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate con Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor $ 16,920 38,450 22,700 6,500 Selling and administrative expenses 8,450 4,600 Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $1,400 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $7,400 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $10,000. Required: Prepare Walter's cash budget for the month of March. Answer is complete but not entirely correct. Beginning Cash Balance $ 16,920 Budgeted Cash Receipts 38,450 Budgeted Cash Payments 48,250 Preliminary Cash Balance $ 7,120 Cash Borrowed 3,000 Ending cash balance $ 3,030