Berman Company is preparing its budget for the third quarter. Cash balance on July 31 was $34,000. Assume there is no minimum balance of cash required and no borrowing is undertaken. Additional budgeted data are provided here:

	July	Aug	Sep
Cash collections	$50,000	$54,000	$54,000
Cash payments
Purchases of direct materials	24,000	22,000	18,000
Operating expenses	33,000	21,000	34,000
Capital expenditures	10,000	7000	16,000

Calculate the projected balance of cash at the end of August.

$45,000

$16,000

$104,000

$38,000