1. If the opening balance of cash for one month is $45,000, cash receipts are estimated to be $175,000 and cash payments are estimated as $96,000; what is the opening cash balance at the beginning of the next month? (round to the nearest dollar)
2. If a firm had credit sales of $196,000 for March and collected its sales 55% in the month of sale and 30% in the month following the sale and 15% 2 months following the sale, how much of March sales would be collected in cash in May? (round to the nearest dollar- no decimal)
3. Earth-move Ltd, a building business, intends to purchase a new excavator machine for $550,000. The annual cash flows from the new machine are expected to be $110,000 per year. The machine has a ten-year useful life. How many years will the payback period be? (numerical answer only- do not add any extra words or symbols)