Zhang Industries is preparing a cash budget for June. The company has $29,500 cash at the beginning of June and anticipates $98,000 in cash receipts and $122,540 in cash disbursements during June. The company has no loans outstanding on June 1. Compute the amount the company must borrow, if any, to maintain a $23,000 cash balance.

Multiple Choice

• $27,960.

• $19,040.

• $24,540.

• $18,040.

• $11,540.