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Category > Business & Finance Posted 17 May 2017 My Price 7.00

The Amber Magick Shoppe has forecast

The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 2008 to be as follows:

August Sales 22,000 Purchases 17,000

September Sales 15,000 Purchases 19,500

October Sales 25,000 Purchases 29,000

November Sales 30,000 Purchases 20,000

December Sales 26,000 Purchases 24,000

60% of sales are on credit. On the basis of past experience, 50% of the accounts receivable are collected the month after the sale and the remainder are collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm has a cash balance of $5,000 on hand as of September 30th, and its minimum required cash balance is $4,000.

 

A. Prepare a schedule of cash receipts for October, Novemeber, and December.

B. Prepare a cash budget for the same period.

C. Is there a need to borrow? How much? When? When will borrowing be paid back?

 

Please help me!

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Status NEW Posted 17 May 2017 08:05 AM My Price 7.00

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