In June, Erie Plastics Had an Ending Cash Balance of $55,000

In June, Erie Plastics had an ending cash balance of $55,000. In July, the firm had total cash receipts of $70,000 and total cash disbursements of $10,000. The minimum cash balance required by the firm is $25,000. At the end of July, Erie Plastics had

A) an excess cash balance of $90,000
B) an excess cash balance of $0
C) an excess cash balance of $115,000
D) required financing of $25,000