Current Attempt in Progress

Sheridan Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $$876000($ $$292000$ per month$).$ Sales are $80\%$ cash, with the remaining $20\%$ on credit which is collected in the month following the month of sale. On June $30,$ the cash balance is $$47200,$ and the Accounts Receivable $($all related to June sales$)$ balance is $$51000.$ Operating expenses for the quarter are budgeted at $$465000,$ which includes $$18700$ of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $$393000$ for the quarter. What is the projected cash balance at the end of the third quarter?

$$134900$

$$76500$

$$116200$

$$6800$