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Problem 1: Sales in January are expected to be $400,000 and $200,000 in February. Sales are 10% cash. Credit sales are collected 30% in the month of sale and 70% in the month following. Cash purchases of inventory in February are estimated to be $130,000, V S&A are expected to be 25% of sales, and F S&A are expected to be $20,000 (with $5,000 of that amount being depreciation). S&A are paid in the month incurred. There are no other cash transactions expected during February. The beginning cash balance in February was $50,000. What is the budgeted ending cash balance in February?
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