Harry Company is preparing a cash budget for April. The company has $110,000 cash at the beginning
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Question:
Harry Company is preparing a cash budget for April. The company has $110,000 cash at the beginning of April and projects $30,000 cash receipts and $55,000 cash payments for April. The company owes the bank $150,000 and has an agreement to maintain a cash balance of at least $100,000 at all times. This follows that the company should:
1) Repay $100,000.
2) Borrow $25,000.
3) Repay $85,000.
4) Borrow $15,000.
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