323 EXAM package question12

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How to get the answer for $23,047.50? I can’t understand the solution.

Thanks!

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Since we know that the excess cash from the year was 11,952, and you know that they will require 35,000 next year, you need to figure out what amount needs to be borrowed to reach this. Therefore, we see that they will need to borrow 23,047 to fund this.

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