9) Looking ahead, assume the following for April & May Total expenses (including RM cash purchases) are expected to be $19,000 in April and $12,000 in May. Total expenses include $1,500 of depreciation expense each month, while all other expenses included are paid in cash. The firm wishes to maintain a minimum cash balance of $20,000 each month in the coming year. Party Time borrows from its bank in increments of $2,500 in order to maintain its desired cash balance, and no interest is charged if a loan is repaid within one month.

Calculate the ending cash balance for January and February using this information.

	April	May
Beginning Cash Balance	$20,000
Cash Collections	$15,100	$17,200
Total Cash Payments
Balance before financing
Amount Borrowed or Repaid
Ending Cash Balance