Consider the following third-quarter budget data for TAP & Brothers:

TAP & Brothers Third-Quarter Budget Data

July August September

Credit Sales 256985 263886 284060

Credit Purchases 97606 113622 133179

Wages, Taxes, and Expenses 26837 31579 33799

Interest 7190 7511 8049

Equipment Purchases 54461 61102 0

The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will be paid in the month following the purchase.

• In June, credit sales were $138150, and credit purchases were $102258
• July's beginning cash is $184400

If TAP maintains a policy of always keeping a minimum cash balance of $75,000 as a buffer against uncertainty and forecasting errors, what is the cash surplus/deficit at the end of the quarter (i.e., end of September)?Answer is241819.0

Please show all work and calculations so I can find out where I went wrong.