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Cash Budgeting Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl frequently ru beginning to cause a problem with suppliers. Koehl plans to borrow from the bank to have cash ready as needed, but first she needs a forecast of how muc the critical period around Christmas, when needs will be especially high. Sales are made on a cash basis only. Koehl's purchases must be paid for during the following month. Koehl pays herself a salary of $4,600 per month, and $10,000 in December. The current cash on hand (on December 1) is $400, but Koehl has agreed to maintain an average bank balance of $5,000 - this is hem insignificant because Koehl keeps only a small amount on hand in order to lessen the chances of robbery.) The estimated sales and purchases for December, January, and February are shown below. Purchases during November amounted to $150,000. Sales December Purchases $35,000 35,000 35,000 $150,000 30,000 70,000 January February a. Prepare a cash budget for December, January, and February. Do not round intermediate calculations. Round your answers to the nearest dollar. Negative va Collections and Purchases: December January Sales Collections) $ February $ $ 150,000 30,000 70,000 Purchases $ $ $ 35,000 35,000 35,000 Payments for purchases $ $ $ 150,000 35,000 > 35,000 Salaries $ $ $ 4,600 4,600 g 4,600 Rent $ $ $ 2,400 g 2,400 I 2,400 $ g Taxes 10,000 $ Total payments $ $ 167,000 42,000 g 42,000 $ Cash at start of forecast 400 $ $ Net cash flow $ (17,000) (12,000) 28,000 $ $ Cumulative cash balance $ 17,400 5,400 (22,600) $ $ $ Target cash balance 5,000 5,000 5,000 3 $ $ Surplus cash or loans needed 22,400 400 (27,600) b. Suppose that Koehl starts selling on a credit basis on December 1, giving customers 30 days to pay. All customers accept these te be at the end of December in this case? (Hint: The calculations required to answer this part are minimal.) Do not round Intermedi. $