Cash balance and minimum cash balance

Reference no: EM1317168

Amstel, Inc. had the following transactions for the year ended December 31, 2009:

Receipts:
Sold equipment	$60,000
Borrowed from bank	40,000
Collections from customers	621,000
Disbursements:
Purchases of inventory for cash	225,000
Paid operating expenses	175,000
Payment of interest expense	32,000
Payment of taxes	49,000
Purchased additional equipment	425,000
Paid dividends	63,000

Using the information above, prepare a cash budget as of December 31, 2009. The cash balance on January 01, 2009 was $45,300. The minimum cash balance for December is $20,000.

Reference no: EM1317168

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