The following data pertains to Louetta Mfg., which was founded on January 1st. ...
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Accounting
The following data pertains to Louetta Mfg., which was founded on January 1st.
Sales (all credit) Purchases (all credit)
Jan $240,000 $180,000
Feb 220,000 160,000
Mar 210,000 150,000
Apr 190,000 160,000
May 230,000 170,000
Louetta pays for purchases over two months: 20% in the month of purchase and the remainder in the following month. Louetta expects to collect on sales over three months: 20% in the month of sale, 25% in the 1st month following, and the remainder in the 2nd month following. At the beginning of January, Louetta has a cash balance of $160,000. What cash balance does Louetta expect to have at the end of March? There are no beginning balances.
ANSWER: ___________________
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