Wright services, inc., has $ 8 comma 800 cash on hand on august 1. the company requires a minimum cash balance of $ 7 comma 400. august cash collections are $ 548 comma 400. total cash payments for august are $ 563 comma 380. prepare a cash budget for august. how much cash, if any, will wright need to borrow by the end of august?

- $13,580

Explanation:

The preparation of the cash budget for August month is shown below:

Cash on Hand on August 1                $8,800

Add: August cash collections            $548,400

Total cash available                            $557,200

Less: Total cash payments                - $563,380

Ending cash balance                          - $6,180

Less: Minimum cash balance             - $7,400

Borrowed amount                              - $13,580

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