Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 2

Cash budget The monthly cash budgets for the second quarter of 2016 follow ($000 omitted) for Morrison Mfg. Co. A minimum cash balance of $30,000 is required to start each month, and a $100,000 line of credit has been arranged with a local bank at a 8% interest rate.

Required:
Calculate the missing amounts. (Hint: The total cash available includes collections from customers for all three months, plus the beginning cash balance from April 1, 2016.)