Question
The Excess/(Deficiency) of Cash in Quarter 4 of the Cash Budget is determined to be $22,700 . If the minimum cash balance is $10,700. Assuming
The Excess/(Deficiency) of Cash in Quarter 4 of the Cash Budget is determined to be $22,700 . If the minimum cash balance is $10,700. Assuming there is an outstanding loan taken out at the beginning of Q1 of $11,200 with interest charged at 6% per year, how much loan principal can be paid down at the end of Q4?
a. $12,000 b. $672 c. $11,328 d. $11,500
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Management Accounting
Authors: Anthony A. Atkinson, Robert S. Kaplan, S. Mark Young, Rajiv D. Banker, Pajiv D. Banker
3rd Edition
9780130101952
