Question: Walter Company has the following information for the month of March: Cash balance, March 1 $ 16,470 Collections from customers 36,950 Paid to suppliers 22,400 Manufacturing overhead 6,200 Direct labor 8,300 Selling and administrative expenses 4,300 Walter pays all expenses in the month incurred. Manufacturing overhead includes $1,250 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 $7,100 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.