The controller of Optimum wishes to improve the company's control system by preparing a monthly cash...
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The controller of Optimum wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2021: June 30, 2021, cash balance Dividends vere declared on June 15* Cash expenditures to be paid in July for operating expenses Depreciation expense Cash collections to be received Herchandise purchases to be paid in cash Equipment to be purchazed for cash Optinun wishes to naintain a mininum cash balance of $126, 000 42, 000 82. 600 12, 600 196, 000 121, 400 46, 400 66, 000 *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: 1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borrow to meet its minimum cash requirement. (Leave no cells blank - enter "O" wherever required). The controller of Optimum wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2021: June 30, 2021, cash balance Dividends vere declared on June 15* Cash expenditures to be paid in July for operating expenses Depreciation expense Cash collections to be received Herchandise purchases to be paid in cash Equipment to be purchazed for cash Optinun wishes to naintain a mininum cash balance of $126, 000 42, 000 82. 600 12, 600 196, 000 121, 400 46, 400 66, 000 *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: 1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borrow to meet its minimum cash requirement. (Leave no cells blank - enter "O" wherever required).
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Related Book For
Introduction to Managerial Accounting
ISBN: 978-1259105708
5th Canadian edition
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
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