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Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter...

Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2009:

April May June
Credit sales 547,200 570,240 630,720
Credit purchases 211,680 252,720 288,710
Cash disbursements
Wages, other expenses 57,240 69,420 72,430
Interest 16,410 16,410 16,410
Equipment purchases 119,520 131,040 0

The Company predicts that 3 percent of its credit sales will never be collected, 36 percent of its sales will be collected in the month of sale, and the remaining 61 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.

In March 2009, credit sales were $302,400, and credit purchases were $224,640. The April 1 cash balance was $403,200. What is the cash balance at the end of May?

Please show me all the workings, that is how you came up with answers. Thank you.

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