8. Texas State has a policy of minimum cash balance of $28,000. They started the year with $30,000 in Cash. Texas State expects $400,000 in tuition to be collected in the first quarter. The beginning of the year always has heavy spending. In the first quarter Texas State needs to pay professors $100,000; grounds maintenance teams $40,000; and make the final construction payment of $300,000 for a new building. Texas State also had depreciation expense of $100,000. How much do they need to borrow at the end of March? a. $ 138,000 b. $ 38,000 c. $ 28,000 c. $ 0

9. McCoy sells Texas State T-shirts. In January they sold 1000 shirts for $30 each. In February they sold 500 shirts for $30 each. Sales are all on account. McCoy typically collect 20% of account sales in the same month as sold, and 80% in the following month. What is McCoys accounts receivable balance on February 28? a. $36,000 b. $12,000 c. $15,000 d. $39,000