A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The followingdata have been provided:January$1,061,200March$1,091,7001,075,000FebruaryCash receipts$1,182,400Cash payments984,500 1,210,000The amount of the deficiency or excess cash (after considering the minimum cash balance required) for January is a(n)Oa. excess of $356,700Ob. deficiency of $136,700Oc. excess of $26,700Od. excess of $60,000

Cash balance on January 1 = $290,000 Minimum cash balance required = $340,000

A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data have been provided: January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash payments 984,500 1,210,000 1,075,000 The amount of the deficiency or excess cash (after considering the minimum cash balance required) for January is a(n) Oa. excess of $356,700 Ob. deficiency of $136,700 Oc. excess of $26,700 Od. excess of $60,000

A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data have been provided: January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash payments 984,500 1,210,000 1,075,000 The amount of the deficiency or excess cash (after considering the minimum cash balance required) for January is a(n) Oa. excess of $356,700 Ob. deficiency of $136,700 Oc. excess of $26,700 Od. excess of $60,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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