a. Using the information provided, construct a monthly cash budget for October through December 2021. Based on your analysis, will Noble enjoy a surplus of cash, or require external financing?

b. Construct a pro forma income statement for the first fiscal quarter of 2022 (Oct. through Dec. 2021) and a pro forma balance sheet as of December 31, 2021. What is your estimated external funding required for December 31?

c. Does the December 31, 2021 estimated external financing equal your cash surplus (deficit) for this date from your cash budget?

d. Based on your answers above, construct a cash flow forecast for Noble for the period October through December 2021.

NOBLE EQUIPMENT CORP. Facts and assumptions Sales ( 20 percent for cash, the rest on 30 -day credit terms): \begin{tabular}{|c|c|c|c|c|c} \hline \multicolumn{3}{|c|}{ 202l Actual } & \multicolumn{3}{c|}{ 2021 Projected } \\ \hline July & August & September & October & November & December \\ \hline 76,000 & 88,000 & 266,000 & 125,000 & 51,000 & 53,000 \\ \hline \end{tabular} Purchases (all on 60-day terms): \begin{tabular}{|l|c|r|rrr} \multicolumn{3}{|c|}{ 2021 Actual } & \multicolumn{3}{c|}{ 2021 Projected } \\ \hline July & August & September & October & November & December \\ \hline 116,000 & 122,000 & 257,000 & 62,000 & 27,000 & 26,000 \\ \hline \end{tabular} \begin{tabular}{l|r|} \hline Salaries payable monthly & 20,000 \\ \hline Principal payment on debt due in December & 25,700 \\ \hline Interest due in December & 9,000 \\ \hline Dividend payable in December & 15,000 \\ \hline Taxes payable in November & 19,000 \\ \hline Addition to accumulated depreciation in December & 4,000 \\ \hline Cash balance on October 1,2021 & 34,000 \\ \hline Minimum desired cash balance & 15,000 \\ \hline \end{tabular} NOBLE EQUIPMENT CORP. INCOME STATEMENT (\$ thousands) Fiscal year ended September 30,2021 BALANCE SHEET (S thousands) September 30,2021 'Cost of goods sold consists entirely of items purchased during the 2 Selling and administrative expenses consist entirely of salaries. 3 Depreciation is straight-line at the rate of $4,000 per quarter. 4 Accrued expenses are not expected to change in the last quarter. S A2s.7 doe December 2021. No paymens for remuinder of year