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EXERCISE 8–7 Cash Budget [LO8] Forest Outfitters is a retailer that is preparing its budget for

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EXERCISE 8–7 Cash Budget [LO8] Forest Outfitters is a retailer that is preparing its budget for… 1 answer below » EXERCISE 8–7 Cash Budget [LO8] Forest Outfitters is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts . . . . . . . . . . . . . $340,000 $670,000 $410,000 $470,000 Total cash disbursements . . . . . . . . $530,000 $450,000 $430,000 $480,000 The View complete question » EXERCISE 8–7 Cash Budget [LO8] Forest Outfitters is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts . . . . . . . . . . . . . $340,000 $670,000 $410,000 $470,000 Total cash disbursements . . . . . . . . $530,000 $450,000 $430,000 $480,000 The company’s beginning cash balance for the upcoming fiscal year will be $50,000. The company requires a minimum cash balance of $30,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest pay- ments are due on any principal at the time it is repaid. Required: Prepare the company’s cash budget for the upcoming fiscal year. View less » Dec 07 2015 05:55 PM



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