Nobell Inc. has a cash balance of $20,000 on April 1, 2015. They are now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:

	Apr	May	June
Cash collections	$25,000	$22,000	$20,000
Cash payments:
Purchases of inventory	5,800	7,000	6,200
Operating expenses	3,500	4,600	5,300

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 April. Please show your work and the identify your answer with "The Projected Cash balance at the end of April is"