Bantam Industries has budgeted the following information for March: Cash receipts$271,000 Beginning cash balance 5,000 Cash payments 280,000 Desired ending cash balance 25,000 If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments and interest is paid monthly at 1% on the first day of the following month. The company had no debt before March 1st. How much cash will the company need to borrowed in March?
A. $4,000
B. $29,000
C. The company should not need to borrow any cash in March
D. $25,000
Answer: B
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