Homework Answers
Answer- The amount of cash George will need to borrow by the end of March =$18420.
Explanation-
| GEORGE SERVICES INC. | |
| COMPBINED CASH BUDGET | |
| FOR THE MONTH ENDED MARCH 1 | |
| Particulars | Amount |
| $ | |
| Beginning cash balance (A) | 8300 |
| Add- Cash Collections | |
| Cash collections | 548540 |
| Total cash available for use (B) | 556840 |
| Less- Cash Payments | |
| Cash payments | 567660 |
| Total cash payments (C) | 567660 |
| Cash surplus/ (Deficit) (D=A+B-C) | -10820 |
| Financing:- | |
| Add-Borrowings | 18420 |
| Minimum ending cash balance | 7600 |
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