5 PRO FORMA CASH BUDGET FOR NOVEMBER-(See the next page for the practice problem, as a review for these solutions) Fox Company makes and sells a product called Product Foxconn. The company has budgeted the following data for November: Sales of $2,750,000 all in cash A cash balance on November 1 of $92,000 Cash Disbursements during November of $4,150,000 A minimum cash balance on November 30 of $90,000 If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. There will be no repayment of loan with interest in November. The amount of cash needed to be borrowed on November 1 to cover all cash disbursements and to obtain the desired November 30 cash balance is what amount? Support your answer with a projected cash budget for November in the spaces below: Cash Balance-11/1 Cash Receipts...... $ + $ Cash Available...... Less Cash Disbursements. Excess Cash......... Borrow (multiples of $1000)... Cash Balance as of 11/30... $ +$