The following is income statement information of a restaurant for the first two months of operation. Of the sales revenue, 86% is collected in cash with the remainder collected in the following month. Of cost of sales, 75% is paid in the current month and the remainder is paid in the next month. Wages and operating expenses are paid in the month incurred. The January ending cash balance was $4,448. Using a cash budget format, calculate the ending cash balance for the month of February.LO1

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Sales revenue Cost of sales Gross margin Wages expense Other operating expenses Depreciation expense Total operating expenses Operating income January $38,400 February $39,300 (14,208) $24,192 (14,541) $24,759 $13,056 $13,362 5,760 5,895 768 768 (19,584) $ 4,608 ( 20,025) $ 4,734