Johnson Company has gathered the following information: April 30, beginning cash balance Dividends paid in May Cash expenditures in May for operating expenses Depreciation expense in May Cash collections in May Merchandise purchases paid in cash in May $ 85,000 $ 24,000 $ 73,600 $9,000 $178,000 $112,400 Purchased equipment for cash in May Johnson desires to keep a minimum cash balance of Prepare a cash budget for May. What is Johnson Company's cash balance at the end of May? (to nearest dollar) $ 35,000 $ 20,000