Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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.) Cash balance, beginning $ 6 Add collections from customers Total cash available 71 Quarter (000 omitted) (000 omitted) Year 96 323 Less disbursements: Purchase of inventory 35 45 35 Selling and administrative expenses 30 30 113 Equipment purchases 8 8 10 36 Dividends 2 2 2 2 85 (2) 11 Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments (including interest)" Total financing Cash balance, ending "Interest will total $1,000 for the year. 15 (17)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started