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Leni [432]
3 years ago
14

A company has the following loan activity—Additional loan from bank: $19,000; Ending cash

Business
1 answer:
Bingel [31]3 years ago
3 0

Answer:

Preliminary cash balance =  - $13,400.

Explanation:

We know,

Cash at hand = Preliminary cash balance + Additional borrowings from bank.

Given,

Cash at hand = $5,600

Additional borrowings from bank = $19,000

Putting the values into the formula, we can get

Cash at hand = Preliminary cash balance + Additional borrowings from bank

Or, $5,600 = Preliminary cash balance + $19,000

Or, $5,600 - $19,000 = Preliminary cash balance

Or, Preliminary cash balance =  - $13,400.

Therefore, the company had no cash at the beginning; rather, they had to use other people's money.

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