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ackboard >> XCIO Remaining Time: 1 hour, 57 minutes, 16 seconds. Question Completion Status: ...

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Accounting

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ackboard >> XCIO Remaining Time: 1 hour, 57 minutes, 16 seconds. Question Completion Status: Question 3 5 points Save Razan Company has the following information during the month of June 2020: Cash Balance, May 31 $22,500 Dividends paid in June 6,000 Cash paid for operating expenses in June 18.400 Equipment depreciation expense in June 2.250 Patent amortization expense in June 1,000 Cash collections on sales in June 56,250 Merchandise purchases paid in June 43,100 Purchase equipment for cash in June 8,750 Sales commission (50% paid in June) 15,250 Razan Company wants to keep a minimum cash balance of $5,000. Assume that borrowing occurs at the beginning of the month and repayments occur at the end of the month. Monthly interest of 1% is paid in cash at the end of each month when debt is outstanding. Borrowing and repayments are carried out in multiples of $1,000. Required: Prepare a cash budget for June. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI V S Paragraph Arial 14px A T. % 0 = > x2 X2 > TIT - [+ ABC 3 1992 EX |

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