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Generating of a Cash budget.
The following budget estimates have been prepared by Flowers Company:
Cash Receipts
Cash Payments
January
$220,000
February
380,000
400,000
March
320,000
319,800
The company likes to maintain a minimum cash balance of $50,000. Any excess cash is invested in a money market account earning 8 percent compounded monthly. Interest is reinvested in the money market account. Any cash deficiencies are covered by a withdrawal from the money market account. If additional cash is needed, the company has a line of credit at 12 percent interest with the local bank. Assume a cash balance on January 1 of $50,000, a money market account balance of $0, and a credit line loan balance of $0. Required: Prepare a cash budget for each of the first three months of the year
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