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

	Sales	Purchases	Expenses
January	$ 118,000	$ 76,000	$ 23,800
February	108,000	64,000	24,000
March	123,000	79,250	26,800
April	128,000	82,500	28,400

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	$ 86,000
Accounts receivable *	56,000
Accounts payable	70,000

*Of this balance, $33,600 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $4,800 of depreciation. The expenses are paid in the month incurred.

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

	$110,700.
	$86,900.
	$90,200.
	$85,400.
	$91,700.

Gingham's budgeted cash receipts in February are:

	$110,890.
	$111,800.
	$93,400.
	$89,400.
	$111,440.