Assets Liabilities & Owners' Equity Liabilities Owners' Equity Cash Accounts Receivable Inventory Buildings & equipment (net) Accounts Payable Nordic Company Balance Sheet March 31, 2020 Capital Stock Retained earnings Total Assets Total liab. & Owners' equity $17,100 $91,200 $23,940 $406,790 $539,030 $34,770 $361,000 $143,260 $539,030

Nordic Company Balance Sheet March 31, 2020 Assets \begin{tabular}{|l|l|l|l|r|} \hline & Cash & & & \\ \hline & Accounts Receivable & & & \\ \hline & inventory & & & \\ \hline & Buildings \& equipment (net) & & $23,940 \\ \hline & & Total Assets & $406,790 \\ \hline & & & & \\ \hline \end{tabular} Liabilities 8 Owners' Equity Liabilities Equipment purchases during the quarter will be: - April \$21,850 - May $5,700 Dividends of $6,650 will be paid in June. Management wants to maintain a minimum cash balance of $10,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $30,000. - Interest is 1% per month - Nordic can repay the loan at the end of the quarter if it is able to do so. The beginning cash balance has been given to you. What amount will Nordic Company plan to borrow (repay) during June? Note: Repayments must be listed in parenthesis. A Hide hint for Question 10 Hint \#1: Beginning cash plus cash received less cash disbursed equals cash excess or deficiency. Hint #2 : Borrowing occurs hn$1, bo0 increments. Repayments lare oniy made at quarter end and include interest for the time any funds were borrowed. Hint f3 : Check frgure: May ending cash balance =$10,295. You should have all the information in your various schedules. How much are the current assets at June 30th ? Hide hint for Question 11 Hint \#1: Definition of current assets: Assets expected to be converted to cash within one year or the operating cycle whichever is longer. Hint \#2: Think about information found on the cash buhget, cash collections schedule and the merchandise purchases budget. Hint \#3: Check figure: Inventory at June 30=$17,100