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, a minimum cash balance of $3,000, and a beginning cash balance of $500. At the end of August, the firm ________.

had an excess cash balance of $500

required total financing of $500

required total financing of $2,500

had an excess cash balance of $5,500