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4. Today is May 1, 2020. The Wade Doss Company provides you with the following information for the coming months of May, June, and July. Actual and budgeted sales and purchases details are as follows: Cash sales Credit sales Cash purchases Credit purchases Weeks in The month March 135,000 138,000 75,000 120,000 April 155,000 148,000 52,000 50,000 May 100,000 104.000 98,000 75,000 June $ 120,000 124.000 125,000 106,000 July 5 140,000 142,000 62,000 90,000 $ Rent paid per week Rent received per week Wages per week: 550 400 9,800 Selling 3,800 Administration 10,600 24,200 Distribution Other operating expenses per week: Selling Administration Distribution 4.800 1,500 1,200 7.500 Accounts receivable regularly settle their accounts as follows: * 75% pay in the month following sale (these accounts take advantage of a 5% discount) * 22% pay in the 2nd month The balance is written off as bad. February accounts were paid in full in March. Accounts payable are settled in the month following purchase. From 80% of suppliers, a discount of 4% is received. For the remaining 20%, no discount is received. Capital expenditure of $95,000 will be paid in July. Bank balance as at April 31 was $250,000. The company plans to maintain a $175,000 target cash balance. Construct a cash budget for the Wade Doss Company for May, June, and July 2020

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