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

Question

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The ending cash balance for July is $115,000 ($55,000 + $70,000 - $10,000), which is well above the minimum required balance of $25,000. Therefore, none of the options correctly describe the situation.

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