A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $5,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.) |
A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $5,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.) |
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Answer
--Requirement as asked
Cash Budget | Quarter (000 omitted) | ||||
1 | 2 | 3 | 4 | Year | |
Cash balance, beginning | $6 | $5 | $5 | $5 | $6 |
Add collections from customers | $73 | $110 | $120 | $112 | $415 |
Total cash available | $79 | $115 | $125 | $117 | $421 |
Less disbursements: | |||||
Purchase of inventory | $55 | $65 | $55 | $31 | $206 |
Selling and administrative expenses | $20 | $45 | $30 | $24 | $119 |
Equipment purchases | $9 | $9 | $30 | $10 | $58 |
Dividends | $2 | $2 | $2 | $2 | $8 |
Total disbursements | $86 | $121 | $117 | $67 | $391 |
Excess (deficiency) of cash available over disbursements | ($7) | ($6) | $8 | $50 | $30 |
Financing: | |||||
Borrowings | $12 | $11 | $0 | $0 | $23 |
Repayments (including interest) * | $0 | $0 | ($3) | ($21) | ($24) |
Total financing | $12 | $11 | ($3) | ($21) | ($1) |
Cash balance, ending | $5 | $5 | $5 | $29 | $29 |
*Interest will total $1,000 for the year. |
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