Duffy Corp. has provided a part of its budget for the second quarter: Apr May Jun Cash collections $40,000 $42,000 $43,000 Cash payments: Purchases of direct materials 6,000 4,500 6,000 Operating expenses 6,000 6,000 6,000 Capital expenditures 10,000 20,000 20,000 The cash balance on April 1 is $13,000. Assume that there will be no financing transactions or costs during the quarter. Calculate the projected cash balance at the end of April. A. $53,500 B. $53,000 C. $42,500 D. $31,000