Sparks Corporation has a cash balance of $7,500 on April 1. The company must maintain a...
Sparks Corporation has a cash balance of $7,500 on April 1. The company must maintain a minimum cash balance of $6,000. During April, expected cash receipts are $48,000. Cash disbursements during the month are expected to total $52,000. Ignoring interest payments, during April the company will need to borrow:
$2,500
$3,500
$4,000
$6,000
Homework Answers
Solution: $2500
Explanation: Excess balance after minimum cash balance = $7.500 - $6,000 = $1,500
Excess cash disbursement=$58,000 - $48,000 = $4,000
In April the company will need to borrow =$4,000 - $1,500 = $2,500
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