PROBLEM 23.6A Preparing a Cash Budget Jake Marley, owner of Marley Wholesale, is negotiating with the bank for a $200,000, 90-day 12 percent loan effective July 1 of the current year. If the bank grants the loan, the proceeds will be $194,000, which Marley intends to use on July 1 as follows: pay accounts payable, S150,000 purchase equipment, $16,000; add to bank balance, $28,000. eXcel The current working capital position of Marlay Wholesale, according to financial statements as of June 30, is as follows: Cash in bank Receivables (net of allowance for doubtful accounts) $ 20,000 160,000 . . . ._... . . Total current assets $270,000 150,000 12uKR9 .. __ __ .. . -__.... Walay'agk