c) The following information relates to Fox-Gloss Ltd. for the 3 months to 31 March...
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Accounting
c) The following information relates to Fox-Gloss Ltd. for the 3 months to 31 March 2021: Additional information: 1. The company spent $15,550 for a new machine to replace a worn-out machine which was bought at cost for $25,000. The old machine has a salvage value of $2,500. 2. Additional $33,030 was spent on new furniture for the office. This furniture was classified as part of the company's 'Furniture and Fittings'. 3. Cash at bank of the 1I of January 2021 is expected to be $27,560. The company budgeted an additional 10% for 31 March 2021 's cash balance. Required: Prepare Fox-Gloss Ltd.'s cash budget for each of the 3 months during the quarter ending 31 March 2021. (15 marks) [Total = 35 Marks ]
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