Question: Use the data below to answer questions 57 and 58 A firm collects 25% of its credit sale in the month of sale and

Use the data below to answer questions 57 and 58 A firm

Use the data below to answer questions 57 and 58 A firm collects 25% of its credit sale in the month of sale and the remainder in the following month. The credit sale for the month of June is GHC 150,000. It expects to pay bills of GHC22,000 in July. The depreciation for the month of July is GHC 1,000. 57. Calculate cash balance at the end of July. 58. If the company maintains an end of month cash balance of GHC 100,000, what is the external finance required?

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