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Cash Budget Friendly Freddie's is an independently owned major appliance and electronics discount chain with seven stores located in a Midwestern metropolitan area. Rapid expansion has created the need for careful planning of cash requirements to ensure that the chain is able to replenish stock adequately and meet payment schedules to creditors. Fred Ferguson, founder of the chain, has established a banking relationship that provides a $200,000 line of credit to Friendly Freddie's. The bank requires that a minimum balance of $8,160 be kept in the chain's checking account at the end of each month. When the balance goes below $8,160, the bank automatically extends the line of credit in multiples of $1,000 so that the checking account balance is at least $8,160 at month- end. Friendly Freddie's attempts to borrow as little as possible and repays the loans quickly in multiples of $1,000 plus 2 percent monthly interest on the entire loan balance. Interest payments and any principal payments are paid at the end of the month following the loan. The chain currently has no outstanding loans. The following cash receipts and disbursements data apply to the fourth quarter of the current calendar year. Estimated beginning cash balance $ 9,020 Estimated cash sales: October November December 13,880 29,310 43.980 Sales on account: uly (actual) 130.400 104,600 August (actual) Check My Work 3 more Check My Work uses remaning #19PM eBook Calculator Print Item September (actual) October (estimated) November (estimated) December (estimated) 129,000 134,700 141,000 188,700 cash collection of sales on account is estimated to be 70 percent in and 7 percent in the third month following the sale. The 3 percent beyond the the chain is scheduled to receive $13,400 cash on a note receivable in October. the month following the sale, 20 percent in the second month following the sale, third month following the sale is determined to be uncollectible. In addition, All inventory purchases are made on account as the chain has excellent credit with al vendors because of a strong payment history. The following information regarding inventory purchases is available. September (actual) 120,300 October (estimated) 112,300 November (estimated) 128,100 December (estimated) 95,900 Cash disbursements for inventory are made in the month following purchase using an average cash discount of 3 percent for timely payment. Monthly cash disbursements for operating expenses during October, November, and December are estimated to be $38,400, $40.500, and $45,600, respectively Required Prenare Erlendhe Ereddie's cash huidnet for the months.of Oitoher o emhes.and Derembet shoidin all erens,nishurkements an crtit o at Check My Work 3 more Check My Work uses remaining Required Prepare Friendly Freddie's cash budget for the months of October, November, where applicable. (CMA adapted). Enter all cash disbursements as positive values. If a cash balance is negative, enter the amount as a negative value. If an amount is zero, enter "0. and December showing all receipts, disbursements, and credit line activity Friendly Freddie's Cash Budget October through December November December Beginning cash balance Receipts: Cash sales Collections of sales on account Note receivable repayment Total cash available s --g Payment of inventory purchases Operating expenses Loan repayment Interest Total disbursements Preious Check My Work 3 more Check My Work uses remaning 820 PM
