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Question Five (7 Marks) All sales at McCracken are on credit. Forty percent aiv ......

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Question Five (7 Marks) All sales at McCracken are on credit. Forty percent aiv ... uncollectible. Merchananse purchases the month following the sale, and the remaining 2% are uncollectible. Merchananse purchases are paid in full the month following the month of purchase. The selling and administrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment. All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end. McCracken's cash budget for the month of May. Use good form. . whe hand at the beginning of May

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