Louise, Inc. has a cash balance of $20,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows: Apr Cash collections $22,000 May $22,000 Jun $24,000 Cash payments Purchases of direct materials 4,600 5,000 6,800 Operating expenses 6,000 4,600 6,000 There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of May. A) $22,000 B $53,400 $48,400 $43,800