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  3. 7. miley has a cash balance of $10000 on january

7. Miley has a cash balance of $10000 on January 1 of the...

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Accounting

7.

imageimage Miley has a cash balance of $10000 on January 1 of the current year. The company's controller forecast the following cash receipts and cash disbursements: Management desires a minimum balance of $10,000 at all times. If necessary, additional financing can be obtained at a 12% interest rate. Interest is paid at the time of repaying the loan principal. Note: for calculating interest, if our budget indicates we will need to borrow money, we will plan to do so at the beginning of the month. When we are able to repay the balance we will do so at the end of the month. Use the format below to create a cash balance. Use the format below to create a cash balance. Assuming the month begins with the minimum required cash balance, what net financing is required for February? Round ONLY your final answer to the nearest dollar. Enter your answer as either 0 if none is required, positive for borrowing (no sign) or negative for repayment (use a sign)

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