Business, 11.05.2021 21:10 tayleeanntabeln2097

ABC Company has a starting cash balance of $60,000 at July 1. Budgeted Cash Receipts and Payments are as follows for the third quarter: Receipts Payments
July $20,000 $30,000
August $35,000 $30,000
September $50,000 $20,000

They always want to maintain a minimum cash balance of $40,000. To do this they can borrow money in even $1,000 increments. They anticipate paying 10% interest on any short term financing with the money assumed to be borrowed on the first day of the month they need it and paid back on the last day of the month, when they pay it back. If they borrow any money, they like to pay it back as soon as they possibly can, and still maintain a $40,000 minimum cash balance BUT they can't pay a loan back in increments, any principal and interest is to paid back in one lump sum.

Required:
What was the projected final ending cash balance as of Sept. 30th, after the impact of any borrowings, interest, and payback of loans if appropriate?

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ABC Company has a starting cash balance of $60,000 at July 1. Budgeted Cash Receipts and Payments ar...

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