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Grace [21]
2 years ago
15

Forâ April, Anderson Antiques will have cash receipts ofâ $365,000 and cash disbursements ofâ $370,000. If its beginning cash is

â $4,000 and its desired reserve isâ $3,000, what will be its shortfall in cash for theâ month?
A. There is no shortfall in cash but an excess of cash.
B. ââ$3,000
C. ââ$5,000
D. ââ$4,000
Business
1 answer:
ICE Princess25 [194]2 years ago
6 0

Answer:

D. $4,000

Explanation:

For Anderson Antiques the following have been given

Opening balance= $4,000

Cash receipts (inflow)= $365,000

Cash disbursed (outflow)= $370,000

Desired reserve= $3,000

So cash at end of day= Opening balance + cash inflow - cash outflow

= 4,000+ 365,000- 370,000

= - 1,000

Remember we want a cash reserve of $3,000 so we take it out of closing balance

Final figure= -1,000-3000= -$4,000

So shortfall of $4,000

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