Sparks Corporation has a cash balance of $18,900 on April 1. The company must maintain a minimum cash balance of $15,500. During April, expected cash receipts are $67,000. Cash disbursements during the month are expected to total $80,500. Ignoring interest payments, during April the company will need to borrow: a. $5,400 b. $10,100 c. $15,500 d. $13,500
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- Sparks Corporation has a cash balance of $14,100 on April 1. The company must maintain a minimum cash balance of $16,500. During April, expected cash receipts are $59,000. Cash disbursements during the month are expected to total $68,500. Ignoring interest payments, during April the company will need to borrow: O 11,900 O 56,600 4,600 9,500Sparks Corporation has a cash balance of $18,900 on April 1. The company must maintain a minimum cash balance of $15,500. During April, expected cash receipts are $67.000. Cash disbursements during the month are expected to total $80.500. Ignoring interest payments, during April the company will need to borrow: Multiple Cholce O $10:100 $5.400 $13.500 $15.500GigaTech 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 • $13.000
- Harrah Company provided the following information for the month of October: Beginning cash balance $ 35,000 Cash receipts 460,000 Cash disbursements 485,000 Harrah's policy is to keep a minimum end of the month cash balance of $30,000. How much will Harrah's need to borrow during October?How much will cedarwood need to borrow during November?Need answer
- The George Company has a policy of maintaining an end-of-month cash balance of at least $30,000.In months where a shortfall is expected, the company can draw in $1,000 increments on a line ofcredit it has with a local bank, at an interest rate of 12% per annum. All borrowings are assumed forbudgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000increments of principal) are assumed to occur at the end of the month. Interest is paid at the end ofeach month. For April, an end-of-month cash balance (prior to any financing and interest expense)of $18,000 is budgeted; for May, an excess of cash collected over cash payments (prior to any interest payments and loan repayments) of $22,000 is anticipated. What is the interest payment estimatedfor April (there is no bank loan outstanding at the end of March)? What is the total financing effect(cash interest plus loan transaction) for May?Karim Corp. requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,400, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. July August September Cash receipts $ 25,000 $ 33,000 $ 41,000 Cash payments 29,500 31,000 33,000 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP. Cash Budget For July, August, and September July August September Beginning cash balance $9,400 Total cash available Preliminary cash balance Ending cash…Give me answer the question
- Accurate answerJasper Company has sales on account and for cash. Speclfically, 63% of Its sales are on account and 37% are for cash. Credit sales are collected In full in the month following the sale. The compay forecasts sales of $526.000 for April, $536.,000 for May, and $561,000 for June. The beginning balance of Accounts Recetvable Is S291.600 on Aprll 1. Prepare a schedule of budgeted cash recelpts for Aprl, May, and June.Prime Products hopes to borrow $32,000 on April 1 and repay it plus interest of $800 on June 30. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $33,600. Accounts receivable on April 1 will total $142,800, of which $122,400 will be collected during April and $16,320 will be collected during May. The remainder will be uncollectible. b. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three- month period follow: April Sales (all on account) $ 366,000 May $ 634,000 June $ 340,000 Merchandise purchases Payroll $ 285,000 $ 203,000 $ 21,000 $ 21,000 Lease payments. $ 35,000 $ 35,000 $ 171,500 34,900 $ $ 35,000 Advertising $ 71,000 $ 71,000 $ 67,200 Equipment purchases $…