Question
Wollaston Corp's sales were $8,000 in November and $14,000 in December. Bruce Wollaston, the company's owner and CEO projects sales of $10,000 in January, $12,000
Wollaston Corp's sales were $8,000 in November and $14,000 in December. Bruce Wollaston, the company's owner and CEO projects sales of $10,000 in January, $12,000 in February, and $8,000 in March. The firm's cost of goods sold every month is equal to 70% of the next month's sales. The firm collects its receivables in 60 days and pays its payables in 30 days. The firm begins January 1 with $10,000 in cash. All sales and purchases are on credit. What is Wollaston's cash balance at the end of January?
Group of answer choices
$12,000
$13,500
$11,000
$14,000
$10,000
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