The following informationis drawn from Royal Industries cash budget
Cash Receipts 40,00...
The following informationis drawn from Royal Industries cash budget
Cash Receipts 40,000
Beg, Cash Bal. 10,000
Cash payment 48,000
Desired ending cash cushion 5,000
If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assests. All borrowing, repayments, and interest payments occur on the last day of themonth. The interest rate is 1% per month. The amount of interest expense incurred for January is:
a. 20
b. $30
c. $50
d. None of the aove
Answers: 3
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