Page 4 of 4 ZOOM Chapter 3 Problem 16 Using the information provided, construct a monthly cash budget for October through December 2021. Based on your analysis, will Noble enjoy a surplus of cash, or require external financing? b. Construct a pro forma income statement for the first fiscal quarter of 2022 (Oct. through . 2021) and a pro forma balance sheet as of December 31, 2021. What is your estimated external funding required for December 31? Does the December 31, 2021 estimated external financing equal your cash surplus (deficit) for this date from your cash budget? 1. Based on your answers above, construct a cash flow forecast for Noble for the period October through December 2021 NOBLE EQUIPMENT CORP. Facts and assumptions Sales (20 percent for cash, the rest on 30-day credit terms): 2021 Actual 2021 Projected July August September October November 76,000 88,000 266,000 December 125,000 51,00 53,000 Purchases (all on 60-day terms): 2021 Actual 2021 Projected 116 090 August September October 62.00 NOV527 000 December Salaries payable monthly 20,00 pal payment on debt due in December 25.700 Interest due in December 9,000 Dividend payable in Decem 15,000 Taxes payable in November 19 000 Addition to accumulated depreciation in December 4,000 Cash balance on October 1, 2021 Minimum desired cash balance 15,000 NOBLE EQUIPMENT CORP. NCOME STATEMENT ($ thousands) Fiscal year ended September 30, 2021 1,581.6 Cost of goods soldl 1.098.0 483 6 Gross profits Selling and administrative expenses? 240.0 Interest expense 18.0 Depreciation 16.0 Net profit before tax 209.6 Tax at 33% 69.2 Net profit after tax 140.4 BALANCE SHEET (S thousands) September 30, 2021 Assets Cash 34.0 Accounts receivable 212.8 Inventory 425.0 Total current assets 671 8 Gross fixed assets 135.0 Accumulated depreciation $2.0 Net fixed assets 830 Total assets Liabilities Bank loan 0. Accounts payable 379.0 Accrued expenses $5.0 Current portion long-term debt 25.7 Taxes payable 56.0 Total current liabilities 3157 Long-term debt 120.0 Shareholders' equity Total liabilities and equity Cost of goods sold consists entirely of items purchased during the quarter. Selling and administrative expenses consist entirely of salaries. Depreciation is straight-line at the rate of $4,000 per quarter. * Accrued expenses are not expected to change in the last quarter. $ $25.7 due December 2021. No payments for remainder of year