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3 years ago

The following informationis drawn from Royal Industries cash budget

Business

1 answer:

slamgirl [31]3 years ago

4 0

Answer:

b. 3,000 needed

d. None of the above

d. $30

Explanation:

The computation is shown below:

For borrowed amount

= Beginning cash balance + expected cash receipts - expected cash disbursements - minimum monthly cash balance

= $10,000 + $40,000 - $48,000 - $5,000

= -$3,000

The amount of interest expense incurred for January is NIL as the amount i.e borrowed is for the end month of January. Moreover, the interest expense is paid on the month of February

And for the interest paid in February is

= $3,000 × 1%

= $30

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