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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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