SaveCo Services, Inc., has $ 8 comma 600 cash on hand on May 1. The company requires a minimum cash balance of $ 7 comma 500. May cash collections are $ 548 comma 480. Total cash payments for May are $ 563 comma 420. Prepare a cash budget for May. How much cash, if any, will SaveCo need to borrow by the end of May?

$13,840

Explanation:

The computation of the borrowed amount is shown below:

= Beginning cash balance + expected cash collections - expected cash payments - minimum monthly cash balance

= $8,600 + $548,480 - $563,420 - $7,500

= $13,840

Simply we added the expected cash collections and less the expected cash payments and minimum monthly cash balance to the beginning cash balance so that accurate value can come.

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