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RUDIKE [14]
2 years ago
8

Western Company is preparing a cash budget for June. The company has $12,000 in cash at the beginning of June and anticipates $3

0,000 in cash receipts and $34,500 in cash payments during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company has no loans outstanding. To maintain the $10,000 required balance, during June the company must:
a. Borrow $4,500.
b. Borrow $2,500.
c. Borrow $10,000.
d. Repay $7,500.
e. Repay $2,500.
Business
1 answer:
Leto [7]2 years ago
8 0

Answer:

b. Borrow $2,500

Explanation:

Preliminary balance = $12,000 + 30,000 - $34,500 = $7,500

Amount to borrow = Minimum cash balance - Preliminary balance = $10,000 - $75,000 = $2,500

Therefore, to maintain the $10,000 required balance, during June the company must $2,500.

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jek_recluse [69]

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Read 2 more answers
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