1) Pink Martini Corporation is projecting a cash balance of$31000 in its December 31 2007 balance sheet. Pink Martinisschedule of expected collections from customers for the firstquarter of 2008 shows total collections of $180000. The scheduleof expected payments for direct materials for the first quarter of2008 shows total payments of $41000. Other information gatheredfor the first quarter of 2008 is: sale of equipment $3500; directlabor $70000 manufacturing overhead $35000 selling andadministrative expenses $45000; and purchase of securities$12000. Pink Martini wants to maintain a balance of at least$25000 cash at the end of each quarter.InstructionsPrepare a cash budget for the first quarter.