Chapter 3 Problem 14 Using the infided, contably budget five October Hugh December 2014. Based on your lyn, will be Contactfil quater of 2015 and a po form balasset December 31, 2014 What youred for 317 Do the December 31, 2014, dancing equal your cap fic for the date from your cab Based your overata ca flow cut the Note the period October 2004 Soble Selected Information and Final Stat 2014 2014 Prod Douber Deber 33,000 Ober Docomer 26.000 sans payable only Principal payman on d 21.0 15,000 4300 Cash balance on October 1, 2014 3400 soble's annual income statement and bolance sheet for September 18, 2004 appear below Fiscal Your Sember 30, 2014 (5 000) 436 20 O 160 2096 2 Sept 2014 140 212 1150 320 83.0 exp 253 360 5153 1306 $24.7 the Ducoma 2014. Ne payments for minder of year Liabilities Bank loan Accounts payable Miscellaneous accruals Current portion long-term debt Taxes payable Total current liabilities : Long-term debt Shareholders' equity Total liabilities & equity Inventory is estimated as follows: Beginning inventory Oct. 1. +Ist quarter purchases 1st quarter cost of goods sold Ending inventory December 31 Taxes payable are estimated as follows: Taxes payable Sept. 30, 2014 -payments +1st quarter taxes accrued Taxes payable Decen a. Noble will require $151,300 at the end of the year. b. $151,300, c. Yes, they are the same. Whew! d. Noble Cash Flow Forecast Last three months 2014 (S thousands) Sources of cash Cash from operations: Profit after tax Depreciation Increase in liabilities or reduction in assets: Bank loan Cash Accounts receivable Inventory Total sources Uses of cash: Dividends Decreases in liabilities or increases in assets: Accounts payable Current portion long-term debt Taxes payable Total uses Cash receipts: Sales for cash Collections from credit sales Total cash receipts Cash disbursements Payment for purchases Salaries Interest payments Principal payments Dividends Tax payments Total cash disbursements Net cash receipts (disbursements) Determination of cash needs: Beginning cash Net receipts (disbursements) Ending cash Minimum cash desired Cash surplus (deficit) October November December Noble will need $151,300 in external financing by the end of December. Noble Income Statement October 1, 2014-December 31, 2014 (S thousands) Net sales Cost of sales Gross profit Selling and admin. expense Interest Depreciation Net profit before tax Tax at 33% Net profit after tax Dividends Additions to retained earnings Noble Balance Sheet December 31, 2014 (S thousands) Assets Cash Check Figure Cell F47-12.5 Accounts receivable Inventory Total current assets Gross fixed assets -Accumulated depreciation Net fixed assets Total assets Check Figure hall 63