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Previously posted this question and got the following answers, but still incorrect. HELP. Cash balance on March 31 $992,000selected answer incorrect Cash balance on April
Previously posted this question and got the following answers, but still incorrect. HELP.
Cash balance on March 31 | $992,000selected answer incorrect |
Cash balance on April 30 | $1,230,200selected answer incorrect |
Cash balance on May 31 | $1,559,900 |
On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. The company's collection activity on credit sales historically has been as follows. Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May
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