Homework: Chapter 9 Homework Question 7, S9-13 (simil... Part 1 of 2 HW Score: 0%, 0 of 25 points O Points: 0 of 2 Save Wright Services, Inc., has $8,600 cash on hand on May 1. The company requires a minimum cash balance of $7,500. May cash collections are $548,540. Total cash payments for May are $577,120. Prepare a cash budget for May. How much cash, if any, will Wright need to borrow by the end of May? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Wright Services, Inc. Combined Cash Budget For the Month Ended May 31 Beginning cash balance Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency) Homework: Chapter 9 Homework Question 8, E9-35A (sim... Part 1 of 2 HW Score: 0%, 0 of 25 points O Points: 0 of 3 @ Save You recently began a job as an accounting intern at Ralph Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget (Click the icon to view information on borrowing cash.) Requirements Complete the following cash budget. (For amounts with a $0 balance, make sure to enter "o" in the appropriate input field. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) a ) February and March February 16,700 S - X Beginning cash balance Plus: Cash collections More info Plus: Cash from sale of plant assets 0 Total cash available S 107.000 Ralph Adventures eliminates any cash deficiency by borrowing the exact amount needed from State Street Bank, where the current interest rate is 8%. Ralph Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available, 47,600 Less: Cash payments (purchase inventory) Less: Cash payments (operating expenses) Total cash payments (1) Ending cash balance before financing Minimum cash balance desired S 98,100 Print 20.000 Done Cash excess (deficiency) Financing: Plus: New borrowings Less: Debt repayments Less: Interest payments (2) Total effects of financing Ending cash balance (1) + (2)