The Opening Cash Balance in July for Markel Ltd

The opening Cash balance in July for Markel Ltd. is expected to be $50,000. Sales revenue for July, August and September is projected at $400,000, $450,000 and $420,000 of which 80% are on credit. 60% of credit sales are collected in the month following the sale and the rest in the month after that. Collections from the previous quarter, will add $280,000 to July and $60,000 to August. Rent, salaries and taxes are $260,000 per month. Accounts payable are equal to 30% of sales and are paid in the month following. Payables from the previous quarter equal $120,000. What is the projected closing Cash balance for Markel at the end of the quarter?

A) ($261,000)
B) $29,000
C) $79,000
D) $199,000
E) $599,000