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How much the company will need to borrow

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Question - Actual and projected sales of a company for September and October are as follows:

 

Cash Sales

Credit Sales

September (actual)

$20,000

$50,000

October (projected)

30,000

55,000

All credit sales are collected in the month following the month in which the sale is made. The September 30 cash balance is $23,000. Cash disbursements in October are projected to be $94,000. To maintain a minimum cash balance of $15,000 on October 31, how much the company will need to borrow?

A. $0

B. $6,000

C. $11,000

D. $16,000

Reference no: EM132606404

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