Hayley Company has the following forecasted cash receipts and cash payments for the first four months of the year.
January February March April
Budgeted cash collections 75,000 60,000 75,000 146,000
Total budgeted cash payments 97,000 107,000 82,000 90,000
On January 1, Hayley Company had a cash balance of $60,000. Hayley has a policy of maintaining a cash balance of at least $10,000 at the end of each month. Which one of the following represents the sequence of cash borrowings and repayments in February, March, and April? Note: Ignore any interest on loans, and assume that Hayley repays loans as quickly as possible.
A. February, $19,000 borrowing; March, $7,000 borrowing; April, $26,000 repayment
B. February, $47,000 borrowing; March, $21,000 repayment; April, $26,000 repayment
C. February, $9,000 borrowing; March, $7,000 borrowing; April, $16,000 repayment
D. February, $47,000 borrowing; March, $7,000 borrowing; April, $26,000 repayment
E. February, $37,000 borrowing; March, $11,000 repayment; April, $26,000 repayment
Answers: 2
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Hayley Company has the following forecasted cash receipts and cash payments for the first four month...
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