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Coles Services. Inc., has $8, 700 cash on hand on May 1. The company requires a minimum cash balance of $7,000. May cash collections are
Coles Services. Inc., has $8, 700 cash on hand on May 1. The company requires a minimum cash balance of $7,000. May cash collections are $548, 460. Total cash payments for May are $570, 420. 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.)
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