Income-tax payments

Income-tax payments are made at the beginning of each calendar quarter based on the income of the prior quarter. Alpha-Tech is subject to an income-tax rate of 40 percent. Alpha-Tech’s operating income for the first quarter of 20×5 is projected to be $3,400,000. The company pays 100 percent of the estimated tax payment.Alpha-Tech maintains a minimum cash balance of $550,000. If the cash balance is less than $550,000 at the end of each month, the company borrows amounts necessary to maintain this balance. All amounts borrowed are repaid out of the subsequent positive cash flow. The projected April 1, 20×5, opening balance is $550,000.Alpha-Tech has no short-term debt as of April 1, 20×5.Alpha-Tech uses a calendar year for both financial reporting and tax purposes.Required:a cash budget for Alpha-Tech by month for the second quarter of 20×5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.)

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