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Shins Inc's September Sales are expected to be $187,500 and August sales equaled $150,000. All...

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Accounting

Shins Inc's September Sales are expected to be $187,500 and August sales equaled $150,000. All sales are on credit and are expected to be collected as follows: 30% in the month of the sale and 70% in the following month. Purchases were $100,000 in August and are expected to be $120,000 in September. Purchases are paid 25% in the month of purchase and 75% in the following month. The cash balance on September 1 is $10,000. Given the information above, calculate Shin's estimated cash balance on September 30:

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