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- 1 . The following assumptions are made by a company when preparing its cash budget: Invoices are issued on the last day of each

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-1. The following assumptions are made by a company when preparing its cash budget:
Invoices are issued on the last day of each month. Customers paying in the month after sale are entitled to deduct a 4% settlement discount. Credit sales values for August to November are budgeted as follows.
\table[[August,September,October,November],[$100000,$120000,$80000,$70000
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