Walter Enterprises expects its September sales to be 20% higher than its August sales of $240,000. Purchases were $190,000 in August and are expected to be $210,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. The beginning cash balance on September 1 is $8,700. The ending cash balance on September 30 would be:

Multiple Choice

• $24,700.

• $86,700.

• $60,400.

• $69,100.

• $221,100.