(The following data is used in questions 37 through 40) Timmons Corporation is a small wholesaler of gourmet food products. All sales are on credit. Budget data regarding the store's operations for the next three months are as follows:

Monthly Data January February March Sales$185,000$235,000$215,000Cash Collections$181,000$242,000$221,000Cash Disbursements Food Product$106,500$111,000$105,100Other Cash Expenses$77,000$77,000$77,000Depreciation Expense$8,000$8,000$8,000Cash Dividends$5,000$5,000$5,000 Beginning BalancesJanuary Cash$51,000 Retained Earnings$112,000

The companys cost of goods sold is 50% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $50,000 at the end of each month.

a. The excess (deficiency) for January would be:

b. the net income for January would be:

c. retained earnings at the end of January would be: