-/3 5 View Policies Current Attempt in Progress Crane Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $702000 ($234000 per month). Sales are 70% cash, with the remaining 30% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $38100, and the Accounts Receivable (all related to June sales) balance is $41000. Operating expenses for the quarter are budgeted at $371000, which includes $14400 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $313900 for the quarter. To prepare for the busy fourth quarter, Crane's desired cash balance on September 30 is $120000. How much financing will the company need at the end of the third quarter? O $79600 O $9400 $23800 $135000 Attempts: 0 of 1 used Submit Answer Save for Later