NanaKay Company must maintain a minimum cash balance of GH¢25,000. At the beginning of June, the company’s cash balance was GH¢17,000. Budgeted cash receipts for June are GH¢150,000, and budgeted cash disbursements are GH¢201,000. Budgeted net income for July totals GH¢11,000. How much will NanaKay Company need to borrow by the end of June?
NanaKay Company must maintain a minimum cash balance of GH¢25,000. At the beginning of June, the company’s cash balance was GH¢17,000. Budgeted cash receipts for June are GH¢150,000, and budgeted cash disbursements are GH¢201,000. Budgeted net income for July totals GH¢11,000. How much will NanaKay Company need to borrow by the end of June?
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 6E: Roman Inc. has the following totals from its operating budgets: Prepare a budgeted income statement...
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NanaKay Company must maintain a minimum cash balance of GH¢25,000. At the beginning of June, the company’s cash balance was GH¢17,000. Budgeted cash receipts for June are GH¢150,000, and budgeted cash disbursements are GH¢201,000. Budgeted net income for July totals GH¢11,000. How much will NanaKay Company need to borrow by the end of June?
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