Goodman & Palmon Enterprises has a beginning cash balance of $18,000 to start the year. Sales are projected to be $600.000 of which 75% will be on credit while the remainder is in cash. The company expected to collect 85% of credit sales during the year of sale. The following year, 12% of sales should be collected. Cash expenditures for the year are forecasted at $380,000. Net Accounts Receivable of $12,000 from the prior year willall be collected in the current year. The company is required to make a $18,000 loan payment on the last day of every year.

Compute the excess of cash receipts over cash disbursements during the current year.

$127,000 $128,500 $146,500 $164,500