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Problem - On January 1, Easton Company had cash on hand of $80,000. All of January's $236,000 sales were on account. December sales of $202,000 were also all on account.
Easton typically collects 30% of receivables in the month of the sale and the balance the following month.
All materials and supplies are purchased on account
Easton has a history of paying for half of these purchases in the month of purchase and half the following month. Such purchases were $171,000 for December and $157,000 for January.
All other expenses including wages are paid in the month incurred. These amounted to $42,000 in December and $48,000 in January.
Required - Determine the projected ending balance of cash on hand for January.
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