Business, 03.05.2021 15:00 trietvo112200

The expected cash balance at January 1, 2016, is $62,000. Brewster wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016.

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The expected cash balance at January 1, 2016, is $62,000. Brewster wants to maintain a cash balance...

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