FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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GigaTech Corporation has a cash balance of $22,500 on June 1. The company must maintain a minimum cash balance of $20,000. During June, expected cash receipts are $75,000. Cash disbursements during the month are expected to total $90,000. Ignoring interest payments, during June the company will need to borrow: ⚫ a. $12,500 • b. $10,500 ⚫ c. $15,000 • d. $13,000
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Transcribed Image Text:GigaTech Corporation has a cash balance of $22,500 on June 1. The company must maintain a minimum cash balance of $20,000. During June, expected cash receipts are $75,000. Cash disbursements during the month are expected to total $90,000. Ignoring interest payments, during June the company will need to borrow: ⚫ a. $12,500 • b. $10,500 ⚫ c. $15,000 • d. $13,000
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