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Singal Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $35,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the month after the sale, and another 40% are credit sales paid 2 months after the sale, what are the expected cash receipts for March?
a. $24,057
b. $26,730
c. $29,700
d. $33,000
e. $36,300
Engstrom Company began fiscal 2013 with a $40,000 balance in Retained Earnings. During 2013, its net income was $167,890 and it declared and paid dividends of $50,000. What is the ending balance of Retained Earnings for Engstrom?
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