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Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2017. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance ……………… $ 30,000 Required minimum cash balance…………. 25,000 Payment of income taxes (2nd quarter) ……… 4,000 Professional salaries: 1st quarter…………………. 140,000 2nd quarter…………………. 140,000 Interest from investments (2nd quarter) ……… 7,000 Overhead costs: 1st quarter…………………. 77,000 2nd quarter…………………. 100,000 Selling and administrative costs, including $2,000 depreciation: 1st quarter …………………. 50,000 2nd quarter …………………. 70,000 Purchase of equipment (2nd quarter)……….. 50,000 Sale of equipment (1st quarter) ………….. 12,000 Collections from patients: 1st quarter…………………. 235,000 2nd quarter …………………. 380,000 Interest payments (2nd quarter) ………… 200 Instructions Prepare a cash budget for each of the first two quarters of 2017.
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