Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sparks corporation has a cash balance of $5,000 on

Sparks Corporation has a cash balance of $5,000 on April 1. The company must maintain...

60.1K

Verified Solution

Question

Accounting

Sparks Corporation has a cash balance of $5,000 on April 1. The company must maintain a minimum cash balance of $4,000. During April, expected cash receipts are $55,600. Cash disbursements during the month are expected to total $59,680. Ignoring interest payments, during April the company will need to borrow:

a. $4,000

b. $4,080

c. $3,080

d. $920

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

4- Hydrogen and chlorine gas are placed in a 10.0 L container and allowed to react....

Biology
1.2K views

compare and contrast the following items: a. dominant and recessive b. genotype and phenotype c. homozygous and heterozygous d....

Basic Math
1.2K views

Do one of the following, as appropriate: (a) Find the critical value Za/2, (b) find...

Algebra
1.2K views

Express as a product In 5 In 5 Simplify your answer Use integers or fractions...

Accounting
1.2K views

Rhonda is single and receives the following income during the year: $30,000 taxable pension, $6,000...

Accounting
1.2K views

During its first year of operations, Concord Corporation had the following transactions pertaining to its...

Accounting
1.2K views

The entry by Jerry's Carpet Service to record payment of the note and accrued interest...

Accounting
1.2K views

Auditing Scenario. You are about to read a brief auditing scenario. To the extent possible,...

Accounting
1.2K views

19. A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by...

Accounting
1.2K views

MC Qu. 33 LO 13-03 Oklahoma Oil Corp. paid interest of... Oklahoma...

Accounting
1.2K views

Quality Motor Company is an auto repair shop that uses standards to control its labor...

Finance
1.2K views

Your broker offers to sell you some shares of Daktronics common stock that paid a...