Rogers Services, Inc., has $8, 300 cash on hand on October 1. The company requires a minimum cash balance of $7, 100. October cash collections are $548, 410. Total cash payments for October are $567, 460. Prepare a cash budget for October. How much cash, if any, will Rogers need to borrow by the end of October? By the end of October, Rogers Choose from any list or enter any number in the input fields and then continue to the next question.
Expert Answer
Rogers Services inc. | ||||
Combined Cash budget | ||||
For the month ended October 31 | ||||
Beginning cash balance | 8300 | |||
Plus: Cash collections | 548410 | |||
Total cash available | 556710 | |||
Less: Cash payments | 567460 | |||
Ending cash balance before financing | -10750 | |||
Minimum cash balance desired | 7100 | |||
Cash excess(deficiency) | -17850 | |||
Rogers need to borrow $17850 |