Company A developed the following budgeted data:

Budgeted Sales 70% of sales on account are collected in the month of sale, 15% of sales on account are collected in the first month following the sale, 10% of sales on account are collected in the second month following the sale.

Total budgeted sales in June

($40,000 of total sales are sales on account) $80,000

Total budgeted sales in July

($40,000 of total sales are sales on account) $95,000

Total budgeted sales in August

($30,000 of total sales are sales on account) $110,000

Budgeted Raw Material Purchases.. 25% of purchases on account are paid in the month of purchase, 75% of purchases on account are paid in the month following the month of purchase.

Budgeted purchases on account for:

June $60,000

July $50,000

August $40,000

All other budgeted cash expenses are paid when incurred. Budgeted August salaries are $31,400, budgeted August utilities are $3,220, and budgeted August depreciation is $10,000. The cash balance on August 1st is expected to be $12,300. What is the budgeted cash balance on August 31st?