Cash budget-Advanced The actual sales and purchases for Xenocore, Inc., for September and October 2019, along with its forecast sales and purchases for the period November 2019 through April 2020, follow i The firm makes 10% of all sales for cash and collects on 45% of its sales in each of the 2 months following the sale. Other cash inflows are expected to be $13,000 in September and April, $16,000 in January and March, and $28,000 in February. The firm pays cash for 11% of its purchases. It pays for 55% of its purchases in the following month and for 34% of its purchases 2 months later. Wages and salaries amount to 20% of the preceding month's sales. Rent of $20,000 per month must be paid. Interest payments of $8,000 are due in January and April. A principal payment of $26,000 is also due in April. The firm expects to pay cash dividends of $22,000 in January and April. Taxes of $75,000 are due in April. The firm also intends to make a $26,000 cash purchase of fixed assets in December. a. Assuming that the firm has a cash balance of $20,000 at the beginning of November, determine the end-of-month cash balances for each month, November through April. b. Assuming that the firm wishes to maintain a $15,000 minimum cash balance, determine the required total financing or excess cash balance for each month, November through April. c. If the firm were requesting a line of credit to cover needed financing for the period November to April, how large would this line have to be? Explain your answer. a. Assuming that the firm has a cash balance of $20,000 at the beginning of November, determine the end-of-month cash balances for each month, November through April. Complete the November cash budget for Xenocore, Inc. below: (Round to the nearest dollar.) Xenocore, Inc. Sept Oct Nov Forecast sales $ 205,000 $ 253,000 $ 169,000 Cash sales Collections Lag 1 month Lag 2 month $ $ Other cash receipts $ Lag 1 month Lag 2 month $ $ Other cash receipts Total cash receipts $ Forecast Purchases $ 122,000 $ 151,000 $ 136,000 $ Cash purchases Payments Lag 1 month Lag 2 month $ A Salaries and wages $ 07 Rent $ $ Interest payments Principal payments $ Dividends $ Taxes $ Purchases of fixed assets $ Total cash disbursements $ $ Net cash flow $ Add: Beginning cash $ $ $ Ending cash Cash budget-Advanced The actual sales and purchases for Xenocore, Inc., for September and October 2019, along with its forecast sales and purchases for the period November 2019 through April 2020, follow i The firm makes 10% of all sales for cash and collects on 45% of its sales in each of the 2 months following the sale. Other cash inflows are expected to be $13,000 in September and April, $16,000 in January and March, and $28,000 in February. The firm pays cash for 11% of its purchases. It pays for 55% of its purchases in the following month and for 34% of its purchases 2 months later. Wages and salaries amount to 20% of the preceding month's sales. Rent of $20,000 per month must be paid. Interest payments of $8,000 are due in January and April. A principal payment of $26,000 is also due in April. The firm expects to pay cash dividends of $22,000 in January and April. Taxes of $75,000 are due in April. The firm also intends to make a $26,000 cash purchase of fixed assets in December. a. Assuming that the firm has a cash balance of $20,000 at the beginning of November, determine the end-of-month cash balances for each month, November through April. b. Assuming that the firm wishes to maintain a $15,000 minimum cash balance, determine the required total financing or excess cash balance for each month, November through April. c. If the firm were requesting a line of credit to cover needed financing for the period November to April, how large would this line have to be? Explain your answer. a. Assuming that the firm has a cash balance of $20,000 at the beginning of November, determine the end-of-month cash balances for each month, November through April. Complete the November cash budget for Xenocore, Inc. below: (Round to the nearest dollar.) Xenocore, Inc. Sept Oct Nov Forecast sales $ 205,000 $ 253,000 $ 169,000 Cash sales Collections Lag 1 month Lag 2 month $ $ Other cash receipts $ Lag 1 month Lag 2 month $ $ Other cash receipts Total cash receipts $ Forecast Purchases $ 122,000 $ 151,000 $ 136,000 $ Cash purchases Payments Lag 1 month Lag 2 month $ A Salaries and wages $ 07 Rent $ $ Interest payments Principal payments $ Dividends $ Taxes $ Purchases of fixed assets $ Total cash disbursements $ $ Net cash flow $ Add: Beginning cash $ $ $ Ending cash