Homework Answers
ANSWER
Step 1:
Ending cash balance of quarter 2 is 246. Firm kept a cash balance of 200 and invested 46 in short term investments. Hence, beginning short term investment is 46.
Step 2:
Income on short term investment is 1%. Hence, income on short term investment would be
1% * 46 = .46
Step 3:
Cash balance at the end of quarter 3= Beginning cash balance + Net cash inflow + Income from short term investment + cash realised from sale of short term investment
= 200 + (-150) + .46 + 46(given)
= 96.46
Firm is required to keep minimum cash balance of 200 whereas current cash balance is just 96.46.
Therefore,
New short term borrowing in quarter 3 is = 200 - 96.46
= 103.54
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