Howard Services, Inc., has $8,400 cash on hand on December 1. The company requires a minimum cash balance of $7,600. December cash collections are $548,570. Total cash payments for December are $581,520. Prepare a cash budget for December. How much cash, if any, will Howard need to borrow by the end of December? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Howard Services, Inc. Combined Cash Budget For the Month Ended December 31 Beginning cash balance n Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Howard Services, Inc., has $8,400 cash on hand on December 1. The company requires a minimum cash balance of $7,600. December cash collections are $548,570. Total cash payments for December are $581,520. Prepare a cash budget for December. How much cash,
if any, will Howard need to borrow by the end of December?
Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.)
Howard Services, Inc.
Combined Cash Budget
For the Month Ended December 31
Beginning cash balance
Plus: Cash collections
Total cash available
Less: Cash payments
Ending cash balance before financing
Minimum cash balance desired
Cash excess (deficiency)
C
Transcribed Image Text:Howard Services, Inc., has $8,400 cash on hand on December 1. The company requires a minimum cash balance of $7,600. December cash collections are $548,570. Total cash payments for December are $581,520. Prepare a cash budget for December. How much cash, if any, will Howard need to borrow by the end of December? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Howard Services, Inc. Combined Cash Budget For the Month Ended December 31 Beginning cash balance Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency) C
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