Please do not give solution in image format thanku Mikhail Corporation has the following sales forecasts for the first three months of the current year:Month Sales January $36,000February 24,000March 40,000Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month.Mikhail will borrow from its bank to maintain its minimum cash balance.Accounts receivable balance (January 1) $16,000Cash balance (January 1) 12,000Minimum cash balance needed 20,000What is the cash balance at the end of January, assuming that cash is received only from customers and that $48,000 ispaid out during January?Group of answer choices$21,000$23,400$19,400$20,000

A cash budget is prepared by organizations to forecast the cash requirements for the coming periods.…

Mikhail Corporation has the following sales forecasts for the first three months of the current year: Month Sales January $36,000 February 24,000 March 40,000 Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the f Mikhail will borrow from its bank to maintain its minimum cash balance. Accounts receivable balance (January 1) $16,000 Cash balance (January 1) 12,000 Minimum cash balance needed 20,000 What is the cash balance at the end of January, assuming that cash is received only from customers and paid out during January? Group of answer choices $21,000 $23,400 $19,400 $20,000