Question
Leuton Industries must maintain a minimum cash balance of $50,000. At the beginning of February, the company's cash balance was $59,000. The budget for February
Leuton Industries must maintain a minimum cash balance of $50,000. At the beginning of February, the company's cash balance was $59,000.
The budget for February is as follows:
Total cash receipts: $188,000
Total cash disbursements: $165,000
Depreciation: $12,000
During February, how much will the company need to borrow?
A. $20,000
B. $0
C. $70,000
D. $82,000
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
8th Edition
9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292
