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Some Company has the following cash budget data for 2020: Projected cash balance at January 1 40,000 Cash balance desired December 31 50,000 Projected cash
Some Company has the following cash budget data for 2020:
| Projected cash balance at January 1 | 40,000 |
| Cash balance desired December 31 | 50,000 |
| Projected cash collections from customers | 145,000 |
| Projected 2020 Sale of patent: | |
| Book value (Original Cost - Accumulated Amortization) | 40,000 |
| Cash expected to be received | 70,000 |
| Gain on sale expected | 30,000 |
| Expected federal income tax refund from 2020 correction of error on 2018 tax return | 14,000 |
Cash available is (please show calculation):
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
4th Edition
0073527092, 978-0073527093
