Reference no: EM133155888
Question - Johnson Company has gathered the following information:
April 30, beginning cash balance $85,000
Dividends paid in May $24,000
Cash expenditures in May for operating expenses $73,600
Depreciation expense in May $9,000
Cash collections in May $178,000
Merchandise purchases paid in cash in May $112,400
Purchased equipment for cash in May $35,000
Johnson desires to keep a minimum cash balance of $20,000
Required - Prepare a cash budget for May. What is Johnson Company's cash balance at the end of May?