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Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. In order to support her request, she has asked you to prepare a cash budget for her business for the second half of 2021 (July - December). She has provided the following monthly forecasts for Sales, and for labor and raw material expenses: In addition, Bowers has provided the following information: - Collection of receivables: 20% within 1 month of sale, 65% first month ( 3060 days), and 15% second month (60-90 days). - Payments for labor and raw materials are made the month after services are provided (between 30 and 60 days) - General and administrative salaries are $27,000/month - Lease payments are $9,000/ month - Depreciation charges are $36,000/ month - Miscellaneous expenses are $2,700 /month - Quarterly income tax payments of $63,000 are due in September and December - A progress payment of $180,000 on a new design studio must be paid in October 2021 - Bowers expects to have a cash balance of $132,000 on July 1 (the beginning of the budget period). - The company intends to maintain a minimum cash balance of $90,000 throughout the cash budget period. Adjust your model to reflect the four alternative scenarios given below: a. Assume that 5% of debts are uncollectable. You can just reduce the second-month collections from 15% to 10% to accomplish this. b. Assume that collections slow down: 10% within 1 month of sale, 50% first month (3060 days), and 40% second month ( 6090 days). c. Assume that you offer a 2% discount for customers who pay immediately. Adjust the collections to: 40% within 1 month of sale, 50% first month ( 3060 days), and 10% second month ( 6090 days). Don't forget to reduce the month-of-sale collections by 2% to reflect the discount! d. Assume that you are able to stretch the accounts payable: instead of paying for purchases after one month, account for payment in the second month. (Payments should reflect purchases 2 months prior rather than one month prior.) Treat each of these scenarios as independent... implement each one in isolation, not all at once. After making the changes, copy and paste the values in the Surplus Cash line (row 53) into the appropriate yellow-shaded cells. Assumptions Collections during manth of sale Collectioes during 1st mosth after sale: Collections during 2nd month after sale Percent bad debts Discount on first month collections Citneral k Administrative 5a aries Lease Paymente Miscellaneous Lapenses Lncortse las paryment Studio progress payment Beginting Cash flatasce Taget cash balance Sales - biaisl asswention Labor and Rtwe Msteribls - initial assumptlon Beginniag Cash Balance Target cash belence Moy June July August September October Nowember December Janzo22 Salies - ininial assumption Labor and Row Marerials - inifial assumption Cash Budget 5ales (grow) Colltisens Duing eronti of were Duing is mosth aherowe Dams zind manth ather tut Tetel Collectoni tator and ran makerias Sales (gross) Colections During month of saie During ist month atter sye Doring zend month alset sole Total Colections Lubor and Ray materials Payments Payment foc maleriale las monti's purchases Gen Badmin'salaries Lease payments Miscalaneswi expenwer Tax+s Payment for new stude Total buyments NetCash Fions Hick for month Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. In order to support her request, she has asked you to prepare a cash budget for her business for the second half of 2021 (July - December). She has provided the following monthly forecasts for Sales, and for labor and raw material expenses: In addition, Bowers has provided the following information: - Collection of receivables: 20% within 1 month of sale, 65% first month ( 3060 days), and 15% second month (60-90 days). - Payments for labor and raw materials are made the month after services are provided (between 30 and 60 days) - General and administrative salaries are $27,000/month - Lease payments are $9,000/ month - Depreciation charges are $36,000/ month - Miscellaneous expenses are $2,700 /month - Quarterly income tax payments of $63,000 are due in September and December - A progress payment of $180,000 on a new design studio must be paid in October 2021 - Bowers expects to have a cash balance of $132,000 on July 1 (the beginning of the budget period). - The company intends to maintain a minimum cash balance of $90,000 throughout the cash budget period. Adjust your model to reflect the four alternative scenarios given below: a. Assume that 5% of debts are uncollectable. You can just reduce the second-month collections from 15% to 10% to accomplish this. b. Assume that collections slow down: 10% within 1 month of sale, 50% first month (3060 days), and 40% second month ( 6090 days). c. Assume that you offer a 2% discount for customers who pay immediately. Adjust the collections to: 40% within 1 month of sale, 50% first month ( 3060 days), and 10% second month ( 6090 days). Don't forget to reduce the month-of-sale collections by 2% to reflect the discount! d. Assume that you are able to stretch the accounts payable: instead of paying for purchases after one month, account for payment in the second month. (Payments should reflect purchases 2 months prior rather than one month prior.) Treat each of these scenarios as independent... implement each one in isolation, not all at once. After making the changes, copy and paste the values in the Surplus Cash line (row 53) into the appropriate yellow-shaded cells. Assumptions Collections during manth of sale Collectioes during 1st mosth after sale: Collections during 2nd month after sale Percent bad debts Discount on first month collections Citneral k Administrative 5a aries Lease Paymente Miscellaneous Lapenses Lncortse las paryment Studio progress payment Beginting Cash flatasce Taget cash balance Sales - biaisl asswention Labor and Rtwe Msteribls - initial assumptlon Beginniag Cash Balance Target cash belence Moy June July August September October Nowember December Janzo22 Salies - ininial assumption Labor and Row Marerials - inifial assumption Cash Budget 5ales (grow) Colltisens Duing eronti of were Duing is mosth aherowe Dams zind manth ather tut Tetel Collectoni tator and ran makerias Sales (gross) Colections During month of saie During ist month atter sye Doring zend month alset sole Total Colections Lubor and Ray materials Payments Payment foc maleriale las monti's purchases Gen Badmin'salaries Lease payments Miscalaneswi expenwer Tax+s Payment for new stude Total buyments NetCash Fions Hick for month