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A company prepares its master budget for the year 2024 on a quarterly basis. The budget officer has gathered the following data: 1. Estimated Sales

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A company prepares its master budget for the year 2024 on a quarterly basis. The budget officer has gathered the following data: 1. Estimated Sales for each quarter is $240,000. All sales are on credit and all sales are collected in the following quarter. 2. Cost of goods sold for each quarter is $120,000. 3. Variable selling and administrative expenses ( 100% cash expenditure) for each unit are 10% sales commission. 5. The company expects to borrow $60,000 on April, 1, 2024. No principal will be repaid during the year; Interest rate at an annual rate of 10% is due quarterly. 6. The company will declare $3,000 dividend in December 2024, which will be paid in January 2025 . The company's expected total cash receipts from sales is $720,000 and expected cash disbursements for purchasing raw materials is $90,000 during the year 2024 . Q. If the year's beginning balance of cash is $58,000, what is the budgeted ending balance of cash in the year 2024

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