In the month of August, a firm had total cash receipts of $10,000, total cash disbursements of $8,000, depreciation expense of $1,000,and a beginning cash balance of $500. At the end of August, the firm wants a minimum cash balance of $3,000. At the end of August, the firm ________.

a. had an excess cash balance of $5,500

b. required total financing of $2,500

c. had an excess cash balance of $500

d. required total financing of $500