Raven Inc. is a wholesaler of mattresses that began business on January Ist. The company's sales policy requires 40% payment in the month of sale, 30% the next month, and 30% due the third month. Purchas will be paid 60% in the month of purchase and 40% in the following month. Raven expects to begin operations in January with $7,000 in cash. Raven's expected transactions from January to May are as follows: Raven anticipates borrowing $25,000 in May and paying for a piece of equipment costing $7,600 in May Given these expectations, what is April's budgeted ending cash balance? $116,000 $93,400 $88,400 $75,500 none of the above