The Following Budget Estimates Have Been Prepared by Clifton Company

question 60

Essay

The following budget estimates have been prepared by Clifton Company: The company likes to maintain a minimum cash balance of £40,000.
Any excess cash is invested in a money market account earning 9 per cent compounded monthly. Interest is reinvested in the money market account. Any cash deficiencies are covered by a withdrawal from the money market account. If additional cash is needed, the company has a line of credit at 12 per cent interest with the local bank. Interest is paid monthly.
Assume a cash balance on May 1 of £40,000, a money market account balance of £0, and a credit line loan balance of £0.
Required:
Prepare a cash budget for May and June.

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Definitions:

Conflict Theory

A theoretical framework that views social life as a competition among groups for power and resources, emphasizing inequality and social conflict.

Technological Progress

Technological progress is the advancement in technology that leads to improved tools, machines, processes, and systems, which contribute to an increase in productivity, efficiency, and overall societal welfare.

Globalization

The process by which businesses, technologies, and cultures begin to operate on a global scale, leading to increased interconnectedness and interdependency among nations.

Glocalization

A process combining globalization with local considerations, adapting global practices to fit local needs, cultures, and practices.