On January 1, Easton Company had cash on hand of $95,000. All of January's $248,000...
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Accounting
On January 1, Easton Company had cash on hand of $95,000. All of January's $248,000 sales were on account. December sales of $250,000 were also all on account. Experience has shown that 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 and 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 $181,000 for January. All other expenses including wages are paid in the month incurred. These amounted to $42,000 in December and $52,000 in January. Use this information to determine the projected ending balance of cash on hand for January. (Round answer to the nearest whole dollar).
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