22) In October, a firm had an ending cash balance of $35,000. In November, the firm had a net cash flow of $40,000. The minimum cash balance required by the firm is $25,000. At the end of November, the firm had ________.

A) an excess cash balance of $50,000 B) an excess cash balance of $75,000

C) required total financing of $5,000 D) required total financing of $15,000