Need of cash to be maintained

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Reference no: EM1313147

Calculation of requirement of cash to be maintained.

The Wallace Company must maintain a minimum cash balance of $30,000. At the beginning of February the company's cash balance was $50,000. The budget for February is as follows:

Cash receipts	$290,000
Cash disbursements	$245,000
Cash dividend	$30,000
Purchase machinery	$55,000

In February the Wallace Company will need to borrow?

Reference no: EM1313147

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