Business, 13.05.2021 06:40 goblebrandon
The company wants to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter. Principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000. Interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter.
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On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.
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The company wants to maintain a minimum cash balance of $35,000 and borrows from the local bank as n...
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