Coles Services, Inc., has $8,200 cash on hand on March 1. The company requires a...
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Coles Services, Inc., has $8,200 cash on hand on March 1. The company requires a minimum cash balance of $7,500. March cash collections are $548,600. Total cash payments for March are $581,090. Prepare a cash budget for March. How much cash, if any, will Coles need to borrow by the end of March? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Coles Services, Inc. Combined Cash Budget For the Month Ended March 31 Beginning cash balance Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency)
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