What was the cash balance at the end of quarter two

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Reference no: EM131500010

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 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: EM131500010

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