Blake company has $15,000 cash at the beginning of june and anticipates $50,000 in cash receipts and $34, 500 in cash disbursements. blake company requires a minimum cash balance of $10,000 and maintains no more than $20,000 on hand. any excess cash over the maximum is used to pay down debts. the firm has an agreement with its bank to borrow as needed or repay loans as funds become available. as of may 31, the company owes $15,000 to the bank. the balance of the loan on june 30 will be:

a. $19, 500
b. $9, 500
c. $15,000
d. $4, 500

balance of the loan  = $4500

correct option is d. $4, 500

Explanation:

given data

cash at the beginning = $15,000

cash receipts = $50,000

cash disbursements = $34, 500

minimum cash balance = $10,000

maintains = $20,000

company owes = $15,000

to find out

balance of the loan

solution

we get here first excess that is

excess = $15,000 + $50,000 - $34, 500

excess = $30500

so used to loan replay will be here as

used to loan replay  = $30500 - $20,000

used to loan replay  = $10500

so balance of loan will be here

balance of the loan  = $15,000 - $10500

balance of the loan  = $4500

correct option is d. $4, 500

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