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A firm has projected credit sales of $ 5 4 7 , 2 0 0 for April and $ 5 7 0 , 2 4

A firm has projected credit sales of $547,200 for April and $570,240 for May. Credit purchases are $211,680 for April and $252,720 for May. Interest is $16,410 a month. Wages and other expenses are projected at $57,240 for April and $69,420 for May. The firm plans to purchase $119,520 of equipment in April, with additional purchases of $131,040 in May. The company predicts that 3% of its credit sales will never be collected, 36% of its sales will be collected in the month of sale, and the remaining 61% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March, credit sales were $302,400, and credit purchases were $224,640. The April 1 cash balance was $386,200. What is the cash balance at the end of May?
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