Walter Enterprises expects its September sales to be 20% higher than its August sales of...
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Walter Enterprises expects its September sales to be 20% higher than its August sales of $180,000. Purchases were $130,000 in August and are expected to be $150,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. The beginning cash balance on September 1 is $7,500. The ending cash balance on September 30 would be
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