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Type your question On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All

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On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management:

Month Credit Sales
Jan. $ 300,000 (actual)
Feb. 400,000 (actual)
Mar. 671,000 (estimated)
Apr. 537,000 (estimated)
May 800,000 (estimated)

The company's collection activity on credit sales historically has been as follows:

Collections in the month of the sale 50 %
Collections one month after the sale 30
Collections two months after the sale 15
Uncollectible accounts 5

Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter.

Compute Spicer's budgeted cash balance at the ends of March, April, and May. (Omit the "$" sign in your response.)

Cash balance on March 31 $
Cash balance on April 30 $
Cash balance on May 31 $

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