Nikolas Industries has a cash balance of $20,000 on July 1, 20x8. The company is in the process of preparing the cash budget for the third quarter, with budgeted cash collections and payments as follows: September $20,000 Cash Collections July $25,000 August $22,000 43 Cash Payments: Purchases of Inventory 5,800 Operating Expenses 3,500 7,000 4,600 6,200 5,300 ces There are no budgeted capital expenditures or financing transactions during the quarter. Using the data above, what is the projected cash balance at the end of September?