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Q1) Wallace Company should maintain a minimum cash balance of $30,000. At the beginning of February company's cash balance was $50,000. The budget for February is as follows:

Cash receipts $290,000
Cash disbursements $245,000
Cash dividend $30,000
Purchase machinery $55,000

In February the Wallace Company will require to borrow?

Accounting Basics, Accounting

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  • Reference No.:- M921448

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