Question
The following information was reported for Lake Co.:
Beginning cash balance
$24,000
Cash payments
$42,000
Cash receipts
$29,000
Cash balance required
$22,000
How much cash will Lake Co. have to borrow to meet its cash balance requirements?
Question 12 options:
$ 9,000
$ 0
$ 11,000
$ 13,550
|
Beginning cash balance |
$24,000 |
|
Cash payments |
$42,000 |
|
Cash receipts |
$29,000 |
|
Cash balance required |
$22,000 |
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