Question
Johnson Industries must maintain a minimum cash balance of $53,000. At the beginning of February the company's cash balance was $65,000. The budget for February
Johnson Industries must maintain a minimum cash balance of $53,000. At the beginning of February the company's cash balance was $65,000. The budget for February is as follows:
| Total cash receipts | $158,000 |
| Total cash disbursements | $195,000 |
| Depreciation | $6,000 |
During February, how much will the company need to borrow?
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Auditing Theory And Practice
Authors: Arun Kumar & Rachana Sharma
1st Edition
8171567207, 978-8171567201
