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Question 22 of 25 - 76 = View Policies Current Attempt in Progress The beginning cash balance is $15,000. Sales are forecasted at $800,000 of

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Question 22 of 25 - 76 = View Policies Current Attempt in Progress The beginning cash balance is $15,000. Sales are forecasted at $800,000 of which 80% will be on credit. 70% of credit sales are expected to be collected in the year of sale. Cash expenditures for the year are forecasted at $475,000. Accounts Receivable from previous accounting periods totaling $9,000 will be collected in the current year. The company is required to make a $15,000 loan payment and an annual interest payment on the last day of every year. The loan balance as of the beginning of the year is $90,000, and the annual interest rate is 10%. Compute the excess of cash receipts over cash disbursements. Net increase in cash $ Save for Later Attempts: 0 of 1 used Submit

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