Clue \#7- Cash Budget 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 recelved less cash disbursed equals cash excess or deficiency. Hint \#2: Borrowing occurs in $1,000 increments. Repayments are only made at quarter end and include interest for the time any fundis were borrowed. Hint \#3: Check figure: May ending cash balance =$10,295. Clue \#7- Cash Budget 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 recelved less cash disbursed equals cash excess or deficiency. Hint \#2: Borrowing occurs in $1,000 increments. Repayments are only made at quarter end and include interest for the time any fundis were borrowed. Hint \#3: Check figure: May ending cash balance =$10,295