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Week 4 Working Capital There are two problems The first is a collections pattern, where you have to calculate the collections per month using a waterfall technique The second is a lengthy cash budgeting problem which begins with sales forecasts through material purchases and nth using a waterfall technique. hrough material purchases and disbursements Homework Week 4 Cash Budgeting and DFN Scenario Analysis Dos Tacos, Inc., a manufacturer of salsa, has the following historical collection pattern for its cre sales. 55 percent collected in the month of sale. 20 percent collected in the first month after sale. 15 percent collected in the second month after sale. 8 percent collected in the third month after sale. 2 percent uncollectible. The sales on account have been budgeted for the last seven months as follows: June .................................................................................... $ 53,000 July ....................................................................................... 64,000 August ................................................................................... 72,000 September ............................................................................. 80,000 October ................................................................................. 89,000 November .............................................................................105,000 December .............................................................................. 82,000 Required: 1. Compute the estimated total cash collections during October from credit sales. 2. Compute the estimated total cash collections during the fourth quarter from sales made on during the fourth quarter. 3. Make sure to show the calculations by month during the 4th quarter (Oct-Dec) Budgeted Sales on Account: June $ 53,000 July $ 63,000 August $ 72,000 September $ 80,000 October $ 89,000 November $ 100,000 December $ 82,000 Collection Schedule: In month of sale 55% In 1st month after sale 20% In 2nd month after sale 15% In 3rd month after sale 8% Uncollectible 2% 100% al collection pattern for its credit s as follows: 00 00 00 0 0 0 0 from credit sales. h quarter from sales made on account uarter (Oct-Dec) Sales figures 20X0 Q4 S frame unit sales S sales price L frame unit sales x L sales price 20X1 Q1 50,000 55,000 $ 10 $ 10 40,000 45,000 $ 15 $ 15 40% Percent of sales made for cash in the quarter of sale 60% Percent of sales made on credit Collections 80% of current quarter's credit sales 20% of previous quarter's credit sales Purchases 20X0 Q4 Direct Material purchases Metal (pounds) Metal price/pound Glass sheets Total glass needed for production 20X1 Q1 225,000 $1 33,250 Q2 Q3 250,000 $1 275000 $1 300,000 $1 37,000 40,750 44,500 Plus desired ending inventory Total glass needed for production 7,400 40,650 8,150 45,150 8,900 49,650 9,650 54,150 Less beginning Glass purchases(sheets) Cost/sheet 6,650 34,000 $8 7,400 37,750 $8 8,150 41,500 $8 8,900 45,250 $8 80% of current quarter's purchases paid in the current quarter 20% of previous quarter's purchases paid in the current quarter Other expenses Direct labor: Direct-labor hours per frame Rate per direct-labor hour Manufacturing overhead: Indirect material Indirect labor Other Depreciation Predetermined overhead rate$ Selling and admin. expenses 0.1 $ 20 $ 0.10 $ 10,200 $ 40,800 $ 31,000 $ 20,000 10.00 per DLH $ 100,000 DLH at $ 11,200 $ 44,800 $ 36,000 $ 20,000 per quarter $ $ $ $ $ 10 12,200 48,800 41,000 20,000 Payment of dividends $ 50,000 per quarter Balance Sheet as of Dec 21, 20X0 Cash $ 95,000 Accounts Receivable $ 132,000 Inventory Raw Material $ 59,200 $ 167,000 Finished Goods Plant and Equipment, net $ 8,000,000 Total Assets $ 8,453,200 Accounts payable $ 99,400 Common stock $ 5,000,000 Retained earnings $ 3,353,800 Total Liabilities and equity $ 8,453,200 Prepare the following 1 Sales budget 2 Cash receipts budget 3 Cash disbursements budget 4 Summary cash budget HCJ Corporation is completing their cash budget for the following year. Th will make the acquisition on January 2 of next year, and it will take most o reorganize the production process to take full advantage of the new equip The robot will cost $1,000,000 financed with a a one-year $1,000,000 loa negotiated a repayment schedule of four equal installments on the last day The interest rate will be 10 percent, and interest payments will be quarterl HCJ Corporation is a manufacturer of metal picture frames. The firm's two frames; 5 x 7 inches) and L (large frames; 8 x10 inches). The primary raw m 24-inch glass sheets. Other raw materials, such as cardboard backing, are materials. Here is the provided budget information 1. Sales in the fourth quarter of 20x0 are expected to be 50,000 S frame years, sales in each product line will grow by 5,000 units each quarter over sales in the first quarter of 20x1 are expected to be 55,000 units. 2. HCJ's sales history indicates that 60 percent of all sales are on credit, company's collection experience shows that 80 percent of the credit sales sale is made, while the remaining 20 percent is collected in the following q able to collect 100 percent of its accounts receivable.) 3. The S frame sells for $10, and the L frame sells for $15. These prices a throughout 20x1. Q4 Year 325000 $1 1,150,000 $1 48,250 170,500 10,400 58,650 10,400 207,600 9,650 49,000 $8 per hour $ 13,200 $ 52,800 $ 46,000 $ 20,000 7,400 173,500 $8 $ $ $ $ 46,800 187,200 154,000 20,000 4. HCJ's production team attempts to end each quarter with enough fin cover 20 percent of the following quarter's sales. Moreover, an attempt is the glass sheets needed for the following quarter's production. Since meta just-in-time basis; inventory is negligible. The purchase and production q 5. All direct-material purchases are made on account, and 80 percent of e during the same quarter as the purchase. The other 20 percent is paid in t 6. Indirect materials are purchased as needed and paid for in cash. Work7. Projected manufacturing costs in 20x1 are as follows: Direct material: Metal strips. @ $1 per foot Glass sheets: $8 per sheet Direct labor for both products .1 hour @ $20 per hour Manufacturing overhead: .1 direct-labor hour @ $10 per hour Total manufacturing cost per unit . S: $7 L: $10 1. Sales budget: 2. Cash receipts budget: 3. Cash disbursements budget: (including purchases of direct materials and 4. Summary cash budget: budget for the following year. They are going to buy an industrial robot. They next year, and it will take most of the year to train the personnel and full advantage of the new equipment.\" with a a one-year $1,000,000 loan from My Bank and Trust Company. I've equal installments on the last day of each quarter. nterest payments will be quarterly as well al picture frames. The firm's two product lines are designated as S (small 8 x10 inches). The primary raw materials are flexible metal strips and 9-inch by s, such as cardboard backing, are insignificant in cost and are treated as indirect re expected to be 50,000 S frames and 40,000 L frames. Over the next two by 5,000 units each quarter over the previous quarter. For example, S frame cted to be 55,000 units. percent of all sales are on credit, with the remainder of the sales in cash. The hat 80 percent of the credit sales are collected during the quarter in which the ent is collected in the following quarter. (For simplicity, assume the company is s receivable.) rame sells for $15. These prices are expected to hold constant nd each quarter with enough finished-goods inventory in each product line to 's sales. Moreover, an attempt is made to end each quarter with 20 percent of quarter's production. Since metal strips are purchased locally, HCJ buys on a The purchase and production quantities are shown. e on account, and 80 percent of each quarter's purchases are paid in cash The other 20 percent is paid in the next quarter. eeded and paid for in cash. Work-in-process inventory is negligible. 1 are as follows: $20 per hour hour @ $10 per hour L: $10 purchases of direct materials and payments for same) Week 5 Homework Forecasting and Trends The Income statement and balance sheet for Camelot Inc. are provided here. Note that firm's capital expenditures are expected to rise by $50,000 in the new year. This will lead to an increase of $5,000 in accumulated depreciation. Sales next year should be $4.3M 1. Using percentage of sales analysis techniques prepare a pro forma income statement and balance sheet for the next year. 2. Create a chart of sales by year for all years, including your pro forma estimate. 3. Add a trend line. 4. Create a scatter plot of sales vs. cogs. Add a trend line. 5. Regress COGS against sales . 6. Using your sales trendline and annual sales data forecast the sales level in the next 3 years (3 years after the year with 4.3M in sales). Forecast using the trend line as well as at least one of the following: trend, linest, regression. Camelot Inc Income Statement For the Year Ended Dec. 31, 2009 2009 2008 Sales $ 3,850,000 $ 3,432,000 Cost of Goods Sold $ 3,250,000 $ 2,864,000 Gross Profit $ 600,000 $ 568,000 Selling and G&A Expenses $ 330,300 $ 240,000 Fixed Expenses $ 100,000 $ 100,000 Depreciation Expense $ 20,000 $ 18,900 EBIT $ 149,700 $ 209,100 Interest Expense $ 76,000 $ 62,500 Earnings Before Taxes $ 73,700 $ 146,600 Taxes $ 29,480 $ 58,640 Net Income $ 44,220 $ 87,960 Notes: Tax Rate Sales history 2005 2006 2007 2008 2009 40% Revenue $ 1,890,532 $ 2,098,490 $ 2,350,308 $ 3,432,000 $ 3,850,000 COGS $ 1,570,200 $ 1,695,694 $ 1,992,400 $ 2,864,000 $ 3,250,000 The Income statement and balance sheet for firm's capital expenditures are expected to ris will lead to an increase of $5,000 in accumul should be $4.3M 1. Using percentage of sales analysis techniq statement and balance sheet. 2. Create a chart of sales by year, including y 3. Add a trend line. 4. Create a scatter plot of sales vs. cogs. Add 5. Regress COGS against sales . 6. Using your sales trendline and annual sales next 3 years (3 years after the year with 4.3M line as well as at least one of the following: tr balance sheet for xxx are provided here. Note that are expected to rise by $50,000 in the new year. This $5,000 in accumulated depreciation. Sales next year es analysis techniques prepare a pro forma income et. y year, including your pro forma estimate. sales vs. cogs. Add a trend line. sales . ne and annual sales data forecast the sales level in the the year with 4.3M in sales). Forecast using the trend of the following: trend, linest, regression. Camelot Inc Balance Sheet As of Dec. 31, 2009 Assets Cash and Equivalents Accounts Receivable Inventory Total Current Assets Plant & Equipment Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Owner's Equity Accounts Payable Short-term Notes Payable Other Current Liabilities Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Owner's Equity $ $ $ $ $ $ 2008 57,600 351,200 715,200 1,124,000 491,000 146,200 $ 360,800 $ 344,800 $ 1,650,800 $ 1,468,800 $ $ $ $ $ $ $ $ $ $ 175,200 225,000 140,000 540,200 424,612 964,812 460,000 225,988 685,988 1,650,800 145,600 200,000 136,000 481,600 323,432 805,032 460,000 203,768 663,768 1,468,800 $ $ $ $ $ $ 2009 52,000 402,000 836,000 1,290,000 527,000 166,200 $ $ $ $ $ $ $ $ $ $ Camelot Inc Statement of Cash Flows For the Year Ended Dec. 31, 2009 ($ in 000's) Cash Flows from Operations Net Income $ 44,220 Depreciation Expense $ 20,000 Change in Accounts Receivable $ (50,800) Change in Inventories $ (120,800) Change in Accounts Payable $ 29,600 Change in Other Current Liabilities $ 4,000 Total Cash Flows from Operations $ Cash Flows from Investing Change in Plant & Equipment $ (36,000) Total Cash Flows from Investing $ Cash Flows from Financing Change in Short-term Notes Payable $ 25,000 Change in Long-term Debt $ 101,180 Change in Common Stock $ Cash Dividends Paid to Shareholders $ (22,000) Total Cash Flows from Financing $ Net Change in Cash Balance $ (73,780) (36,000) 104,180 (5,600) Week 5 Homework Forecasting and Trends The Income statement and balance sheet for Camelot Inc. are provided here. Note that firm's capital expenditures are expected to rise by $50,000 in the new year. This will lead to an increase of $5,000 in accumulated depreciation. Sales next year should be $4.3M 1. Using percentage of sales analysis techniques prepare a pro forma income statement and balance sheet for the next year. 2. Create a chart of sales by year for all years, including your pro forma estimate. 3. Add a trend line. 4. Create a scatter plot of sales vs. cogs. Add a trend line. 5. Regress COGS against sales . 6. Using your sales trendline and annual sales data forecast the sales level in the next 3 years (3 years after the year with 4.3M in sales). Forecast using the trend line as well as at least one of the following: trend, linest, regression. Camelot Inc Income Statement For the Year Ended Dec. 31, 2009 2009 2008 Sales $ 3,850,000 $ 3,432,000 Cost of Goods Sold $ 3,250,000 $ 2,864,000 Gross Profit $ 600,000 $ 568,000 Selling and G&A Expenses $ 330,300 $ 240,000 Fixed Expenses $ 100,000 $ 100,000 Depreciation Expense $ 20,000 $ 18,900 EBIT $ 149,700 $ 209,100 Interest Expense $ 76,000 $ 62,500 Earnings Before Taxes $ 73,700 $ 146,600 Taxes $ 29,480 $ 58,640 Net Income $ 44,220 $ 87,960 Notes: Tax Rate Sales history 2005 2006 2007 2008 2009 40% Revenue $ 1,890,532 $ 2,098,490 $ 2,350,308 $ 3,432,000 $ 3,850,000 COGS $ 1,570,200 $ 1,695,694 $ 1,992,400 $ 2,864,000 $ 3,250,000 The Income statement and balance sheet for firm's capital expenditures are expected to ris will lead to an increase of $5,000 in accumul should be $4.3M 1. Using percentage of sales analysis techniq statement and balance sheet. 2. Create a chart of sales by year, including y 3. Add a trend line. 4. Create a scatter plot of sales vs. cogs. Add 5. Regress COGS against sales . 6. Using your sales trendline and annual sales next 3 years (3 years after the year with 4.3M line as well as at least one of the following: tr balance sheet for xxx are provided here. Note that are expected to rise by $50,000 in the new year. This $5,000 in accumulated depreciation. Sales next year es analysis techniques prepare a pro forma income et. y year, including your pro forma estimate. sales vs. cogs. Add a trend line. sales . ne and annual sales data forecast the sales level in the the year with 4.3M in sales). Forecast using the trend of the following: trend, linest, regression. Camelot Inc Balance Sheet As of Dec. 31, 2009 Assets Cash and Equivalents Accounts Receivable Inventory Total Current Assets Plant & Equipment Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Owner's Equity Accounts Payable Short-term Notes Payable Other Current Liabilities Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Owner's Equity $ $ $ $ $ $ 2008 57,600 351,200 715,200 1,124,000 491,000 146,200 $ 360,800 $ 344,800 $ 1,650,800 $ 1,468,800 $ $ $ $ $ $ $ $ $ $ 175,200 225,000 140,000 540,200 424,612 964,812 460,000 225,988 685,988 1,650,800 145,600 200,000 136,000 481,600 323,432 805,032 460,000 203,768 663,768 1,468,800 $ $ $ $ $ $ 2009 52,000 402,000 836,000 1,290,000 527,000 166,200 $ $ $ $ $ $ $ $ $ $ Camelot Inc Statement of Cash Flows For the Year Ended Dec. 31, 2009 ($ in 000's) Cash Flows from Operations Net Income $ 44,220 Depreciation Expense $ 20,000 Change in Accounts Receivable $ (50,800) Change in Inventories $ (120,800) Change in Accounts Payable $ 29,600 Change in Other Current Liabilities $ 4,000 Total Cash Flows from Operations $ Cash Flows from Investing Change in Plant & Equipment $ (36,000) Total Cash Flows from Investing $ Cash Flows from Financing Change in Short-term Notes Payable $ 25,000 Change in Long-term Debt $ 101,180 Change in Common Stock $ Cash Dividends Paid to Shareholders $ (22,000) Total Cash Flows from Financing $ Net Change in Cash Balance $ (73,780) (36,000) 104,180 (5,600)