prepare cash budget refer to exercise 1. go sports` sales are 50% cash and 50%...
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Accounting
prepare cash budget
refer to exercise 1. go sports` sales are 50% cash and 50% credit (use sales on the last two lines of exercise 1). credit ales are collected in the month after the sale.inventory purchases are paid 60% in the month of purchase and 40% the following month.salaries and sales commissions are paid three-fourths in the month earned and one-fourththe next month. income tax is paid at the end of the year. thejuly 31,2009, balance sheet showed the following balances: cash--$22000 accounts payable(for purchases)---47040 salaries and commissions payable---6690
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