how do you do a cash balance. The answer must be $10, 670

instructions: To meet cash needs, PH has used short term loans from local banks paying them back as cash comes in. Assume that PH wants to maintain a minimum $10,000 cash balance at the end of each month and can borrow or repay loans in multiples of $1,000. The borrowing occurs at the beginning and the repayment at the end of the months in question. PH pays interest in cash at the time it repays the related loan. The interest rate is 6% per year.

Cash budget(including details of borrowings, repayments and interest for each month)r inf

other infor

Assets Cash $10,000 Accounts Receivable 9,000 Inventory 7,680 Equipment & Fixtures 12,000 Accumulated Depreciation (1,200) Total Assets $37,480 Liabilities Accounts payable $12,480 Accrued wages 6,000 Total Liabilities Owners Equity 19,000 Total Liabilities & Owners Equity $37,480