S5-9. (Learning Objective 3: Preparing a cash budget) Crescent Artichoke Growers (CAG) is a major food cooperative.

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S5-9. (Learning Objective 3: Preparing a cash budget) Crescent Artichoke Growers (CAG) is a major food cooperative. Suppose CAG begins 20X6 with cash of $14 million. CAG estimates cash receipts during 20X6 will total $124 million. Planned payments will total $106 million. To meet daily cash needs next year, CAG must maintain a cash balance of at least $22 million. Prepare the organization’s cash budget for 20X6.

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