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XYZ company is preparing its cash budget for the first quarter of the year. It has $10,000 in cash at the beginning of the

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XYZ company is preparing its cash budget for the first quarter of the year. It has $10,000 in cash at the beginning of the period. Cash collections from customers for the quarter are budgeted at $28,000. Cash payment during the quarter for inventory purchases are budgeted at $25,000. The desired cash balance at the end of the quarter is $7,000. Other operating expenses for the quarter are budgeted at $20,000, which includes $3,000 depreciation. Cash expenses are paid in the month incurred. How much borrowing will the company need during the quarter? Select one: O a. $11,000 b. $17,000 c. None of the given answers d. $3,000 e. $14,000

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