4 Return to question 14.28 On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. points Monthl January Credit Sales $300,000 (actual) February 400,000 (actual) March 647,000 (estimated) April May 734,000 (estimated) 800,000 (estimated) The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts 50% 30 15 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May. Answer is complete but not entirely correct. Cash balance on March 31 Cash balance on April 30 Cash balance on May 31 $ 588,500- $ 792,100 $ 1,089,150