Problem

Assume the following information for the month of August. June sales=$40,000; July sales= $65,000; August sales= $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,763. If the minimum cash balance is $50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount as a positive number, and the amount to repay a loan as a negative number.