Solved

Goller Company Is Preparing a Cash Budget for the Month

Question 139

Multiple Choice

Goller Company is preparing a cash budget for the month of June.The following information is available:
 Cash Balance, May 31, 2015$10,000 Cash collections from customers in June 66,000 Cash paid for merchandise in June 42,000 Cash paid for operating expenses in June 12,000 Purchase furniture for cash in June 3,000 Depreciation expense in June 5,000 Amortization expense in June 5,000\begin{array}{ll}\text { Cash Balance, May 31, } 2015 & \$ 10,000 \\\text { Cash collections from customers in June } & 66,000 \\\text { Cash paid for merchandise in June } & 42,000 \\\text { Cash paid for operating expenses in June } & 12,000 \\\text { Purchase furniture for cash in June } & 3,000 \\\text { Depreciation expense in June } & 5,000 \\\text { Amortization expense in June } & 5,000\end{array}
The minimum cash balance desired is $10,000.What is the cash balance on June 30,2015?


A) $9,000
B) $10,000
C) $11,000
D) $19,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents