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Question - Relevant data from Picta Company's operating budgets are presented below. The company's financial year ends on 30 June.
Additional data: Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank.
Required -
a) Use this information to prepare a cash budget for the first two quarters of the year.
b) Briefly comment on Picta Company's expected cash flow position in the first two quarters of the year.
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