E$10\mathrm{.}31($LO $4,5)$ Prepare a cash budget for two quarters.

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 $2022.$ Only the cash budget remains to be done. It has collected the following information from parts of the master budget and elsewhere:

Beginning cash balance $

$30,000$

Required minimum cash balance $20,000$

Payment of income taxes $(2$nd quarter$)4,000$

Professional salaries:

$1$st quarter $140,000$

$2$nd quarter $140,000$

Interest from investments $(2$nd quarter$)7,000$

Overhead costs:

$1$st quarter $95,000$

$2$nd quarter $120,000$

Selling and administrative expenses, including $$3,000$ of depreciation:

$1$st quarter $50,000$

$2$nd quarter $70,000$

Purchase of equipment $(2$nd quarter$)50,000$

Sale of equipment $(1$st quarter$)12,000$

Collections from clients:

$1$st quarter $245,000$

$2$nd quarter $390,000$

Interest on repayments$(2$nd quarter$)300$

Instructions:

Prepare a cash budget for each of the first two quarters of $2022.$