View Policies 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 $693000 ($231000 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 $38200, and the Accounts Receivable (all related to June sales) balance is $41300. Operating expenses for the quarter are budgeted at $372700, which includes $15600 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $315000 for the quarter. To prepare for the busy fourth quarter, Sheridan's desired cash balance on September 30 is $124500. How much financing will the company need at the end of the third quarter? $127200 $24100 $70300 $39700