Question: The following is income statement information of a restaurant for the first two months of operation. Of the sales revenue, 86% is collected in cash with the remainder collected in the following month. Of cost of sales, 75% is paid in the current month and the remainder is paid in the next month. Wages and operating expenses are paid in the month incurred. The January ending cash balance was $4,448. Using a cash budget format, calculate the ending cash balance for the month of February.
