Nordic Company Balance Sheet March 31, 2020 Assets Cash Accounts Receivable Inventory Buildings & equipment (net) $17,100 $91,200 $23,940 $406,790 $539,030 Total Assets $34,770 Liabilities & Owners' Equity Liabilities Accounts Payable Owners' Equity Capital Stock Retained earnings $361,000 $143,260 Total liab. & Owners' equity $539,030 Clue #7- Cash Budget Equipment purchases during the quarter will be: April $21,850 May $5,700 Dividends of $6,650 will be paid in June. Management wants to maintain a minimum cash balance of $10,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $30,000. Interest is 1% per month Nordic can repay the loan at the end of the quarter if it is able to do so. The beginning cash balance has been given to you. What amount will Nordic Company plan to borrow (repay) during June? Note: Repayments must be listed in parenthesis. Clue #8- Balance Sheet You should have all the information in your various schedules. How much are the current assets at June 30th