LCL Services, Inc., has $8,700 cash on hand on August

1. The company requires a minimum cash balance of$7,300. August cash collections are $548,580. Total cash payments for August are $567,350.

Prepare a cash budget for August. How much cash, if any, will LCL need to borrow by the end of August? Question content area bottom

Part 1

Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.)

LCL Services, Inc.
Combined Cash Budget
For the Month Ended August 31
	Beginning cash balance
	Plus: Cash collections
	Total cash available
	Less: Cash payments
	Ending cash balance before financing
	Plus: New borrowings
	Ending cash balance