Problem: January 1 Aco had cash on hand of $80,000. All of January's $222,000 sales were on account. December sales of $220,000 were also all on account. Aco typically collects 25% of receivables in the month of the sale and the balance the following month. All materials and supplies are purchased on account and Aco has a history of paying for half of these purchases in the month of purchase and half the following month. Such purchases were $172,000 for December and $160,000 for January. All other expenses including wages are paid in the month incurred. There amounted to $40,000 in December and $42,000 in January.
Determine projected ending balance of cash on hand for January?
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