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Sailboats Etc. is a retail company specializing in Sailboats and other sailing equipment. The following table is contains financial forecast as well as current (month 0) working capital levels. During which months are the firms seasonal working capital needs greatest? When does it have surplus cash? 000 0 1 2 Net Income 10.12 Depreciation 1.98 Capital expenditure 1.03 3 4 12.36 14.92 5 6 25.39 29.79 2.97 3.91 5.02 4.05 0.00 0.00 1.15 0.00 0.00 4.02 5.02 2.96 17.69 LEVELS OF WORKING CAPITAL Account Receivable 1.93 Inventory 3.04 Account Payable 2.08 000 2.93 2.05 2.01 4.08 5.08 2.01 1.92 7.07 10.09 5.94 4.97 3.96 2.05 2.01 2.09 2.05 month 1 Calculate the change in receivable (round to two decimal place) Calculate the change in inventory (round to two decimal place) Calculate the change in payable (round to two decimal place) Calculate the change in net working capital (round to two decimal place) 2. The fast reader company supplies bulletin board services to numerous hotel chains nationwide. The owner of the firm is investigating the benefit of employing a billing firm to do her billing and collections. Because the billing firm specializes in these services collection float will be reduced by 23 days. Average daily collections are $1,250 and the owner can earn 7% annually (expressed as an APR with monthly compounding) on her investments. If the billing firm charges $350 per month should the owner employ the billing firm? The benefits are