What was the cash balance at the end of quarter

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Reference no: EM131052602

Jupiter stores had a Quarter 2 beginning cash balance of $430. Sales for Quarters 1 through 3 are estimated at $600, $800, and $900, respectively. The cost of goods sold is equal to 70 percent of sales. Goods are purchased one quarter prior to the month of sale. The accounts payable period is 30 days[MAJ1] and the accounts receivable period is 15 days. The firm had quarterly cash expenses of $180. What was the cash balance at the end of Quarter 2? Assume a 360 day year.

Reference no: EM131052602

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