Question

Mikhail Corporation has the following sales forecasts for the first three months of 2018: Month Sales January $36,000 February 24,000 March 40,000 Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month. Mikhail will borrow from its bank to maintain its minimum cash balance. Accounts receivable balance (January 1, 2018) $16,000 Cash balance (January 1, 2018) 12,000 Minimum cash balance needed 20,000 What is the cash balance at the end of January, assuming that cash is received only from customers and that $48,000 is paid out during January?

Answer 1

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