(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 $235,000 $242,000 $229,000 Cash Collections $227,000 $236,000 $225,000 Cash Disbursements Food Product $155,000 $159,500 $153,600 Other Cash Expenses $72,000 $72,000 $72,000 Depreciation Expense $7.000 $7.000 $7.000 Cash Dividends $3,000 $3,000 $3,000 Beginning Balances January Cash $41,000 Retained Earnings $123,000 The company's cost of goods sold is 60% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $40,000 at the end of each month. The excess (deficiency) for January would be: 1 (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 $235.000 $242,000 $229,000 Cash Collections $227,000 $236,000 $225,000 Cash Disbursements Food Product $155,000 $159.500 $153,600 Other Cash Expenses $72,000 $72,000 $72,000 Depreciation Expense $7,000 $7,000 $7,000 Cash Dividends $3,000 $3,000 $3,000 Beginning Balances January Cash $41,000 Retained Earnings $123,000 The company's cost of goods sold is 60% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $40,000 at the end of each month. In order to meet the minimum cash balance requirement at the end of January, the Company will need to borrow 22 MacBook Pro (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 $235,000 $242,000 $229,000 Cash Collections $227,000 $236,000 $225,000 Cash Disbursements Food Product $155,000 $159,500 $153,600 Other Cash Expenses $72,000 $72,000 $72,000 Depreciation Expense $7,000 $7,000 $7,000 Cash Dividends $3,000 $3,000 $3,000 Beginning Balances January Cash $41,000 Retained Earnings $123,000 The company's cost of goods sold is 60% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $40,000 at the end of each month. The net income (loss) for the month of January would be: (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 $235,000 $242,000 $229,000 Cash Collections $227,000 $236,000 $225,000 Cash Disbursements Food Product $155,000 $159,500 $153,600 Other Cash Expenses $72,000 $72,000 $72,000 Depreciation Expense $7,000 $7,000 $7,000 Cash Dividends $3,000 $3,000 $3,000 Beginning Balances January Cash $41,000 Retained Earnings $123,000 The company's cost of goods sold is 60% of sales. Timmons Corporation policy requires that the company maintain a minimum cash balance of $40,000 at the end of each month. Retained earnings at the end of January would be