Problem
A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data has been provided:
|
|
January
|
February
|
March
|
|
Cash receipts
|
$1,061,200
|
$1,182,400
|
$1,091,700
|
|
Cash payments
|
984,500
|
1,210,000
|
1,075,000
|
What is the amount of cash excess or deficiency (after considering the minimum cash balance required) for March?