Western Company is preparing a cash budget for June. The company has $10,700 in cash...
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Accounting
Western Company is preparing a cash budget for June. The company has $10,700 in cash at the beginning of June and anticipates $31,300 in cash receipts and $37,100 in cash payments during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company has no loans outstanding. To maintain the $10,000 required balance, during June the company must:
Multiple Choice
Borrow $10,000.
Borrow $5,800.
Repay $4,900.
Borrow $5,100.
Repay $5,100.
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