This exercise is already posted on Course Hero (Questions + Solutions).

However, this time I have a similar exercise but "without stocks". Can you please give me the solution?

Blackhole without stocks (industrial company) James Thriftless was the head of financial control at the industrial company Blackhole, a small company that manufactures a single part used in the automobile industry, and had held this position ever since the company was formed. He had always had the full confidence of the company's founder and manager Mr Blackhole. When the business was set up, it was the first to use an ultra-durable polymer for the product it made: when blended with rubber, this made the part more hardwearing. In fact he called his product the Stamina, and for a long time it was the only one of its kind on this market. But in recent years other competitors had seized on the same manufacturing process, slowly eroding Blackhole's sales and profits. On November 15, year N, Mr Blackhole announced that his son Harpagon would succeed him as chairman of the company from January 1 the following year. Harpagon, an engineer by training, had rounded off his education with an MBA from Boston and then spent several years with a large strategy consulting firm. During their discussions, Mr Blackhole had warned his son about the company's commercial and strategic difficulties; however, Mr Blackhole showed little interest in financial matters and James Thriftless was given great autonomy in such areas. It was true that for a long time, the company's healthy profits had spared Mr Blackhole any cash flow difficulties. When Harpagon joined the company on December 16, year N, he looked at the internal management reports and observed that Blackhole had no cash budget, and financial planning was rather succinct. Harpagon expressed his concern about the situation to James Thriftless. James replied that Blackhole was managed under a set of decision rules that worked perfectly well, and that as a result no cash budget was necessary: when the financial position became tight, Mr Blackhole transferred money from his account to the company's account. Harpagon reacted