Blake Company has $15,000 cash at the beginning of June and anticipates $50,000 in cash receipts and $34,500 in cash disbursements. The company requires a minimum cash balance of $20,000. Any excess cash over the minimum desired balance is used to pay down debts. Blake has an agreement with its bank to borrow as needed or to 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:

$4,500

Explanation:

Calculation to determine the balance of the loan on June 30 will be:

First step is to calculate the Cash balance before loan payoff using this formula

Cash balance before loan payoff = Beginning cash balance + cash receipts - cash disbursements

Let plug in the formula

Cash balance before loan payoff= $15,000 + $50,000 - $34,500

Cash balance before loan payoff = $30,500.

Second step is to calculate the Projected excess cash using this formula

Projected excess cash = Available cash balance - Minimum cash balance requirement

Let plug in the formula

Projected excess cash= $30,500 - $20,000

Projected excess cash= $10,500

Now let calculate the balance of the loan on June 30 using this formula

Loan balance = Existing balance - Loan pay-off amount

Let plug in the formula

Loan balance= $15,000 - $10,500

Loan balance = $4,500

Therefore the balance of the loan on June 30 will be:$4,500

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