Jay Rexford, president of lesl, was just concluding a budget meeting with his senior staff.It was November of 2013, and the group was discussing preparation of the firm's master budget for 2014."I've decided to go ahead and purchase the industrial robot we've been talking about. We'll make the acquisition on January 2 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment."

Prepare: Schedule 8 - Cash budget