The controller of Sunland Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending AV 31, 2022 June 30, 2022, cash balance Dividends to be declared on July 15 Cash expenditures to be paid in July for operating expenses Amortization expense in July Cash collections to be received in July Merchandise purchases to be paid in cash in July Equipment to be purchased for cash in July $52,200 13.200 47,040 5,220 104,400 64760 23.200 "Dividends are payable 30 days after declaration to shareholders of record on the declaration date Sunland Company wants to keep a minimum cash balance of $29,000 (a) Prepare a cash budget for the month ended July 31, 2022, and indicate how much money, if any, Sunland Company will need to borrow to meet its minimum cash requirement

The controller of Sunland Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending AV 31, 2022 June 30, 2022, cash balance Dividends to be declared on July 15 Cash expenditures to be paid in July for operating expenses Amortization expense in July Cash collections to be received in July Merchandise purchases to be paid in cash in July Equipment to be purchased for cash in July $52,200 13.200 47,040 5,220 104,400 64760 23.200 "Dividends are payable 30 days after declaration to shareholders of record on the declaration date Sunland Company wants to keep a minimum cash balance of $29,000 (a) Prepare a cash budget for the month ended July 31, 2022, and indicate how much money, if any, Sunland Company will need to borrow to meet its minimum cash requirement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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