Hilliard Company budgeted the following transactions for April Year 2:

Sales (75% collected in month of sale) $ 280,000

Cash Operating Expenses 113,000

Cash Purchases of Investment 83,000

Cash Payment of Debt 23,000

Depreciation on Operating Assets 28,000

The beginning cash balance was $66,000. The company desires to have a $89,000 ending cash balance. The surplus (or shortage) of cash before considering any borrowings in April would be:

Multiple Choice

$64,000 surplus.

$64,000 shortage.

$32,000 shortage.

There is no cash surplus or shortage.