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Lily Corporation is projecting a cash balance of $ 25,200 in its December 31, 2021,...

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Accounting

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Lily Corporation is projecting a cash balance of $ 25,200 in its December 31, 2021, balance sheet. Lily's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $ 155,400. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $36,120. Other information gathered for the first quarter of 2022 is sale of equipment $ 2,520; direct labor $58,800, manufacturing overhead $ 29,400, selling and administrative expenses $ 37,800; and purchase of securities $ 11,760. Lily wants to maintain a balance of at least $ 21,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. LILY CORPORATION Cash Budget For the Quarter Ended March 31, 2022 Beginning Cash Balance $ Add : Collections from Customers A A

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