Shiller Corporation has the following sales forecasts for the selected three-month period in 2016: Month Sales July $24,000 August 14,000 September 16,000 All sales are on account. Seventy percent of sales are collected in the month of the sale, and the remainder are collected in the following month. Accounts receivable balance (July 1, 2016) $20,000 Cash balance (July 1, 2016) 10,000 Minimum cash balance is $10,000. Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges). What is the cash balance at the end of July, assuming that cash is received only from customers and that $40,000 is paid out during July? a. $20,000 b. $16,800 c. $6,800 d. $10,800 Page 60