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Pink Martini Corporation is projecting a cash balance of $29,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $45,000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $4,000; direct labour $72,000, manufacturing overhead $32,000; selling and administrative expenses $44,000; and purchase of securities $15,000. Pink Martini wants to maintain a balance of at least $23,000 cash at the end of each quarter.
Question 1: Prepare cash budget for the first quarter.
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Mike is aware that you have some expertise in accounting information systems and has asked for your assistance to design a logical database structure for his business.
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