A3+ has prepared its 3rd quarter budget and provided the following data: The cash balance on June 30 is projected to be $4,000. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 5%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the final projected cash balance at the end of September. $6,000 $5,254 $6,133 $7,200 June sales were $40, 000 while projected sales for July and August were $50, 000 and $60, 000, respectively. Sales are 40% cash and 60% credit. All credit sales are collected in the month following the sale. Calculate expected collections for July. $36,000 $44,000 $50, 000 $54,000 Purchases for May were $100, 000, while expected purchases for June and July are $110, 000 and $125,000, respectively. All purchases are paid 25% in the month of purchase and 75% the following month. Calculate the budgeted payments for the month of June. $102,500 $107,500 $110, 000 $121, 250 Farmerlands Enterprises has budgeted sales for the months of September and October at $300, 000 and $280, 000, respectively. Monthly sales are 80% credit and 20% cash. Of the credit sales, 50% are collected in the month of sale and 50% are collected in the following month. Calculate cash collections for the month of October. $168,000 $232,000 $288,000 $290, 000