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Founders Resources is preparing its cash budget for July. The budgeted beginning cash balance is $43,000. Budgeted cash receipts total $182,000 and budgeted cash disbursements
Founders Resources is preparing its cash budget for July. The budgeted beginning cash balance is $43,000. Budgeted cash receipts total $182,000 and budgeted cash disbursements total $179,000. The desired ending cash balance is $50,000. The company can borrow up to $160,000 at any time from a local bank, with interest not due until the following month. | ||||
Prepare the company's cash budget for July in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance. |
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