22) V for the second quarter. Budgeted cash collections and payments are as ance of $20,000 on April 1. The company is now preparing the cash budget 22) follows: May $24,000 Jun $25,000 Cash collections Cash payments: Purchases of direct materials $25,000 5800 5800 7000 Operating expenses 35005000 5300 There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of May. A) $24,000 B) $53,900 C) $59,700 D) $48,900