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How much cash will grippers need to borrow by the end

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Question 1: Grippers Manufacturing has $5,300 cash on hand on January 1. The company requires a minimum cash balance of $5,000 at the end of each month. January's cash collections total $364,200. Total cash payments for January were $383,480. How much cash will Grippers need to borrow by the end of January?

Option A. Grippers Manufacturing will need to borrow $5,000.

Option B. Grippers Manufacturing will need to borrow $ 8,980.

Option C. Grippers Manufacturing will need to borrow $19,280.

Option D. Grippers Manufacturing will need to borrow $18,980.

Option E. Grippers Manufacturing will need to borrow $13,980.

Reference no: EM132516942

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