Company's budgeted income statement reflects the following amounts Sales 120,0 24.00 24,20 27,00 28,00 January 78,000 00.000 81.250 84,500 Februar 110.00 125,0 130.0 April at the end of the year Morgan pays for an purchases in the month following purchase and takes advantage of. 3% discount. The following balances are as of January 1 88.0 8.0 72.0 Cash Accounts receivable* Acoounts payable Of this balance$36,000 will be collected in January and the remaining amount will be ollected in Februay The monthly expense figures indlude 55,000 of depreciation The expeses are paid in the month inaued Morgan's expected cash balanoe at the end ot February is $92.000 5113.300 $87,000 589,180 594.100