The Gingham Company's budgeted income statement reflects the following amounts:

	Sales	Purchases	Expenses
January	$ 120,000	$ 78,000	$ 24,000
February	110,000	66,000	24,200
March	125,000	81,250	27,000
April	130,000	84,500	28,600

Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. 1 percent of sales is uncollectible and expensed at the end of the year. Gingham pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1:

Cash	$ 88,000
Accounts receivable *	58,000
Accounts payable	72,000

*Of this balance, $35,000 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $5,000 of depreciation. The expenses are paid in the month incurred.

1) Gingham's expected cash balance at the end of January is:

$89,160.

$113,160.

$94,160.

$87,000.

$92,000.

2) Gingham's budgeted cash receipts in February are:

	$114,000.
	$91,000.
	$113,640.
	$95,000.
	$113,090.