The accountant for Gibson's Dress Shop prepared the following cash budget. Gibson's desires to maintain a cash cushion of $22,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month. Required a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Gibson's will report on the third quarter pro forma statement of cash flows c. Determine the amount of net cash flows from financing activities Gibson's will report on the third quarter pro forma statement of cash floWS Complete this question by entering your answers in the tabs below Req A Req B and C Complete the cash budget by filling in the missing amounts. (Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) July Cash Budget Section 1: Cash receipts August September Beginning cash balance Add cash receipts 46,50022,000 22,220 188,000 208,000248,600 234,500 Total cash available 230,000 270,600 Section 2: Cash payments For inventory purchases For S&A expenses For interest expense 169,526144,230 178,152 64,560 58,500 65,432 228,026 Total budgeted disbursements Section 3: Financing activities Surplus (shortage) Borrowing (repayments) 6,474 15,526 Ending cash balance $ 22,000 $ 22,000 22,000 The accountant for Gibson's Dress Shop prepared the following cash budget. Gibson's desires to maintain a cash cushion of $22,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month. Required a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Gibson's will report on the third quarter pro forma statement of cash flows c. Determine the amount of net cash flows from financing activities Gibson's will report on the third quarter pro forma statement of cash floWS Complete this question by entering your answers in the tabs below Req A Req B and C Complete the cash budget by filling in the missing amounts. (Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) July Cash Budget Section 1: Cash receipts August September Beginning cash balance Add cash receipts 46,50022,000 22,220 188,000 208,000248,600 234,500 Total cash available 230,000 270,600 Section 2: Cash payments For inventory purchases For S&A expenses For interest expense 169,526144,230 178,152 64,560 58,500 65,432 228,026 Total budgeted disbursements Section 3: Financing activities Surplus (shortage) Borrowing (repayments) 6,474 15,526 Ending cash balance $ 22,000 $ 22,000 22,000
