Harp Company requires a minimum cash balance of $3,500. When the company expects a cash deficiency it borrows the exact amount required on the first of the month. Expected excesses cash is used to repay any amount owned. Interest owned from the previous months principle balance is paid on the first of the month at 16% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest.

Harp does not have any outstanding debt on January 1st. Complete the cash budget for the first quarter. Round interest expense to nearest whole dollar

Il 07063 omework: Required Chapter 22 core: 0.17 of 1 pt 8 of 8 (8 HW Score: 83 39%, 6670 E22-29 (similar to) Cash Budget BANG Il 07063 omework: Required Chapter 22 core: 0.17 of 1 pt 8 of 8 (8 HW Score: 83 39%, 6670 E22-29 (similar to) Cash Budget BANG