A company currently (beginning of quarter 1) has $50k in accounts payable, $300k in accounts receivable, and a cash balance of $110k. The firm projects $300k in sales in quarter 1 and $500k sales during quarter 2. Idthe company purchases 50% of expected next quarter's sales, has an average payables period of 30 days, and average collection period of 70 days what is the cash balance at the beginning of quarter 2 (assume quarters are 90 days long and the firm has no other cash disbursements in quarter 1 except the payment of accounts. Round to nearest dollar if necessary.)? 83,333 500,000 260,000 290,000 57,778 O None of the other answers 0 64,444