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

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(Learning Objective 3: Preparing a cash budget) Crescent Artichoke Growers (CAG) is a major food cooperative. Suppose CAG begins 20X6 with cash of $11 million. CAG estimates cash receipts during 20X6 will total $104 million. Planned payments will total $93 million.

To meet daily cash needs next year, CAG must maintain a cash balance of at least $17 million.

Prepare the organization’s cash budget for 20X6.

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