Lancer Company's summary of it's budget cash flows is given below: 1stQuarter2ndQuarter3rdQuarter4thQuarter Totalreceipts$180,000$340,000$230,000$260,000 Total cash...
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Accounting
Lancer Company's summary of it's budget cash flows is given below:
1stQuarter2ndQuarter3rdQuarter4thQuarter
Totalreceipts$180,000$340,000$230,000$260,000
Total cash disbursement$240,000$270,000$200,000$250,000
Beginning cash balance for upcoming fiscal year, $16,000
Minimum cash balance required, $15,000
Interest rate 2% per quarter.
Repay loan at the end of 2ndquarter. Interest is due on any principal at the time it is paid. Interest is not compounded. How much is total cash available for use in the 3rdQuarter?
A. $313,000
B. $355,000
C. $340,000
D. $253,640
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