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Below are some important figures from the budget of AppleBanana, Inc. for the third quarter of 2022. July August September Credit sales 200,000 250,000 225,000
Below are some important figures from the budget of AppleBanana, Inc. for the third quarter of 2022. July August September Credit sales 200,000 250,000 225,000 Credit purchases 60,000 70,000 65,000 Cash disbursements 20,000 25,000 22,500 Wages, taxes, and expenses Interest 5,000 5,500 5,250 Equipment purchases 50,000 55,000 The company predicts that 2 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of the sale, the remaining will be collected in the following month. Credit purchases will be paid in the month following the purchase. In June 2022, credit sales were 150,000, credit purchases were 50,000 and the ending cash balance was 120,000. What is the ending cash balance in August 2022? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32)
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