Continuation of S10-5: cash budget (Learning Objective 3) Refer to ($ 10-5). Grippers has ($ 8,300) cash

Question:

Continuation of S10-5: cash budget (Learning Objective 3)

Refer to $\$ 10-5$. Grippers has $\$ 8,300$ cash on hand on January 1. The company requires a minimum cash balance of $\$ 7,500$. January cash collections are $\$ 548,330$ (as you calculated in S10-5). Total cash payments for January are $\$ 583,200$. Prepare a cash budget for January. Will Grippers need to borrow cash by the end of January?

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