Question: Wright Services, Inc., has $ 8 , 0 0 0 cash on hand on May 1 . The company requires a minimum cash balance of

Wright Services, Inc., has $8,000 cash on hand on May 1. The company requires a minimum cash balance of $7,300. May cash collections are $548,570. Total cash payments for May are $574,130. Prepare a cash budget for May. How much cash, if any, will Wright need to borrow by the end of May?
Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.)
Wright Services, Inc.
Combined Cash Budget
For the Month Ended May 31
Beginning cash balance
Plus: Cash collections
Total cash available
Less: Cash payments
Ending cash balance before financing
Plus: New borrowings
Ending cash balance
Wright Services, Inc., has $ 8 , 0 0 0 cash on

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