Pope Company has budgeted the following cash flows: Pope had a $36,000 cash balance on April 1.
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Pope Company has budgeted the following cash flows:
Pope had a $36,000 cash balance on April 1. The company desires a $60,000 cash cushion before paying interest. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is
1.50 percent per month. Pope also pays its vendors on the last day of the month.
Required
Prepare a cash budget.
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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