(Cash balance) The following budgeted May 2010 cash information is available for Salado Corp.:
|
Net after tax income |
$336,000 |
|
Depreciation expense |
56,200 |
|
Accrued income tax expense |
82,000 |
|
Increase in Accounts Receivable for month |
8,000 |
|
Decrease in Accounts Payable for month |
7,000 |
|
Estimated bad debts expense |
4,100 |
|
Dividends declared in May |
35,000 |
|
Dividends paid in May |
47,000 |
If Salado’s May 1, 2010, cash balance is $23,000, what is the company’s budgeted May31, 2010, cash balance?