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In June, Erie Plastics had an ending cash balance of $55,000. InJuly, the firm had total cash receipts of $70,000 and total cashdisbursements of $10,000. The minimum cash balance required by thefirm is $25,000. At the end of July, Erie Plastics had Select one:a. an excess cash balance of $90,000 b. an excess cash balance of$0 c. an excess cash balance of $115,000 d. required financing of$25,000 e. none of the above

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