Question
) The following data pertains to Louetta Mfg., which was founded on January 1st. Sales (all...
) The following data pertains to Louetta Mfg., which was founded on January 1st.
Sales (all credit) Purchases (all credit)
Jan $220,000 $190,000
Feb 260,000 210,000
Mar 270,000 250,000
Apr 290,000 260,000
May 330,000 270,000
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 1stmonth following, and the remainder in the 2ndmonth following. At the beginning of January, Louetta has a cash balance of $360,000. What cash balance does Louetta expect to have at the end of March?
ANSWER: ________________
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