Wolverine inc began operations on january 1 of the current

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Wolverine, Inc. began operations on January 1 of the current year with a $12,400 cash balance. 45% of sales are collected in the month of sale; 55% are collected in the month following sale. Similarly, 15% of purchases are paid in the month of purchase, and 85% are paid in the month following purchase. The following data apply to January and February: January February Sales $ 39,000 $ 59,000 Purchases 32,000 44,000 Operating expenses 7,400 9,400 If operating expenses are paid in the month incurred and include monthly depreciation charges of $2,900, determine the change in Wolverine's cash balance during February.

Reference no: EM13581832

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