The Flaky Corporation's projected sales for the first eight months of 2022 are as follows: January...

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The Flaky Corporation's projected sales for the first eight months of 2022 are as follows: January $190,000 May $300,000 February 120,000 June 270,000 March 135,000 July 225,000 April 240,000 August 150,000 Of Flaky's sales, 10% is for cash, another 60% is collected in the month following sale, and 30 percent is collected in the second month following sale. November and December sales for 2020 were $220,000 and $175,000, respectively. Flaky purchases its raw materials two months in advance of its sales equal to 60% of its final sales price. The supplier is paid one month after it makes delivery. For example, purchases for April sales are made in February, and payment is made in March. In addition, Flaky pays $10,000 per month for rent and $20,000 each month for other expenditures. Tax prepayments for $22,500 are made each quarter beginning in March. The company's cash balance at December 31, 2021, was $22,000. That is the minimum balance the firm wants to maintain. Any borrowing that is needed to maintain the minimum is paid off in subsequent months if there is sufficient cash. Ignore the implications of interest on the borrowed money. a. Prepare a cash budget for Hamilton covering the first six months of 2022. b. Flaky has $250,000 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have ample cash to repay the notes? The Flaky Corporation's projected sales for the first eight months of 2022 are as follows: January $190,000 May $300,000 February 120,000 June 270,000 March 135,000 July 225,000 April 240,000 August 150,000 Of Flaky's sales, 10% is for cash, another 60% is collected in the month following sale, and 30 percent is collected in the second month following sale. November and December sales for 2020 were $220,000 and $175,000, respectively. Flaky purchases its raw materials two months in advance of its sales equal to 60% of its final sales price. The supplier is paid one month after it makes delivery. For example, purchases for April sales are made in February, and payment is made in March. In addition, Flaky pays $10,000 per month for rent and $20,000 each month for other expenditures. Tax prepayments for $22,500 are made each quarter beginning in March. The company's cash balance at December 31, 2021, was $22,000. That is the minimum balance the firm wants to maintain. Any borrowing that is needed to maintain the minimum is paid off in subsequent months if there is sufficient cash. Ignore the implications of interest on the borrowed money. a. Prepare a cash budget for Hamilton covering the first six months of 2022. b. Flaky has $250,000 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have ample cash to repay the notes?