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?