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The accountant for Erica’s Dress Shop prepared the following cash budget. Erica’s desires to maintain a cash cushion of $17,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 3 percent per month.
Required:
a. Complete the cash budget by filling in the missing amounts. (Any repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.)
b. Determine the amount of net cash flows from operating activities Erica’s will report on the third quarter pro forma statement of cash flows. (Round intermediate calculations and final answer to the nearest whole dollar amount.)
c. Determine the amount of net cash flows from financing activities Erica’s will report on the third quarter pro forma statement of cash flows. (Round intermediate calculations and final answer to the nearest whole dollar amount.)
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