Kneeling Corporation Has the Following Sales Forecasts for the First

Kneeling Corporation has the following sales forecasts for the first three months of the current year: $$\begin{array} { l r } \text { Month } & \text { Sales } \\\text { January } & \$ 36,000 \\\text { February } & 24,000 \\\text { March } & 40,000\end{array}$$ In the month of the sale 65% of sales are collected,and the remainder is collected in the following month. $$\begin{array} { l r } \text { Accounts receivable balance (January 1) } & \$ 22,800 \\\text { Cash balance (January 1) } & 30,000 \\\text { Minimum cash balance needed } & 20,000\end{array}$$ What is the cash balance at the end of January,assuming that cash is received only from customers and that $48,000 is paid out during January?

A) $19,400
B) $20,200
C) $20,600
D) $28,200