Student Name tudent Number Class Work 8 The financial staff at Da Vinchi Arts Studio, Inc., a research marketing and consulting firm, is working on a cash budget for July to December 2009 The staff has projected the following cash collections and payments. If the ending cash balance as of June 30, 2009 was $32,000, determine the firm's forecasted monthly eash balance The financial staff at Da Vinchi Arts Studio, Inc. wants to know how much they would need to borrow on a monthly basis if the firm needs a minimum ending cash balance of $25,000 and the average annual interest its short-term borrowing is 9%. Da Vinchi Arts Studio, Inc. Forecasted Ending Cash Balance July 2009 to December 2009 June October November December Beginning Cash Add Collections: 5,360 16,800 21,600 24,960 30,72036,000 0,24011200 14,400 16,64020,480 24,000 0,720 22,064 27,10429,008 29,904 31,808 5,920 2,960 8,288 8,544 Miscellaneous Expenses Short-Term Interest 3,152 3,872 Unadjusted Cash Balance Add: Borrowing Ending Cash Balance 32.000 Cumulative Borrowing Minimum Cash Annual Interest Rate Monthly Interest Rate 25,000 Determine the impact on the ending cash balance if the firm uses any cash surplus above the required minimum cash balance to pay off its short-term borrowing monthly Da Vinchi Arts Studio, Inc. Forecasted Ending Cash Balance