Coles Service Inc. Has $8,200 cash on hand on May1. The company requires a minimum cash balance of $7,600. May cash collections are $548,600. Total cash payments for May are $575,040. Prepare a cash budget for May. How much cash, if any, will Coles need to borrow by the end of May? (Find the beginning cash balance, Plus: cash collections, Total cash available, Less: Cash payments, Ending cash balance before financing, Minimum cash balance desired, & Cash excess deficiency))

Homework: Homework 8 Chapter 9 Score: 0 of 10 pts 4 1 of 1 (0 complete) 7 b HW Score: 0%, 0 of 10 pts 89-13 (similar to) a; Question Help a Cotes Services, Inc., has $8,200 cash on hand on May 1. The company requires a minimum cash balance of $7,600. May cash collections are $548,600. Total cash payments for May are $575,040. Prepare a cash budget for May. How much cash, if any, will Coles need to borrow by the end of May? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Coles Services, Inc. Combined Cash Budget For the Month Ended May 31 Beginning cash balance 8200 Plus: Cash collections 548600 Total cash available 556800 Less: Cash payments 575040 Ending cash balance before nancing 18240 Minimum cash balance desired 7600 25840 WWW Cash excess (deficiency) Enter any number in the edit fields and then click Check Answer. \"a\" r remaining ClearAll CheckAnswer ' 4