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Category > Accounting Posted 14 Aug 2017 My Price 7.00

Forest Outfitters

EXERCISE 8–7 Cash Budget [LO8]

Forest Outfitters is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:

 

 

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total cash receipts . . . . . . . . . . . . .

$340,000

$670,000

$410,000

$470,000

Total cash disbursements . . . . . . . .

$530,000

$450,000

$430,000

$480,000

 

 

The company’s beginning cash balance for the upcoming fiscal year will be $50,000. The company requires a minimum cash balance of $30,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest pay- ments are due on any principal at the time it is repaid.

Required:

Prepare the company’s cash budget for the upcoming fiscal year.

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Maurice Tutor
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Status NEW Posted 14 Aug 2017 07:08 PM My Price 7.00

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