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Problem - An abbreviated cash budget for Big Chuck Enterprises follows:
July
August
September
Beginning cash balance
$10,000
$?
Add: Cash receipts
50,000
63,000
71,000
Deduct: Cash payments
(64,000)
(58,000)
Cash excess (deficiency) before financing
$(4,000)
Financing Borrowing to maintain minimum balance
?
Principal repayment
Interest payment
Ending cash balance
Big Chuck wants to maintain a $10,000 minimum cash balance at all times. Additional financing is available (and retired) in $1,000 multiples at a 12% interest rate. Assume that borrowings take place at the beginning of the month; retirements, in contrast, occur at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid.
Required -
a. Find the unknowns in Big Chuck's abbreviated cash budget.
b. Determine the outstanding loan balance as of September 30, after any repayments have been made.
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