Problem 2.4 A new business venture will begin operation on July 1, 20X3. Staff will be hired effective January 1, 20X3, at a cost of $40,000 per month. It is known from experience that collections lag billing by three months (in other words, once the company bills for a service, it must wait 90 days for the payment to be received). The business projects its monthly billing to be as follows: