Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Jan 2018 My Price 7.00

Paymore Products

Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The sales forecasts for the next five quarters are as follows:

 

  Quarter in Coming Year

 

   Following Year

 
  First Second Third Fourth   First Quarter
Sales forecast $492 $480 $456 $660   $660

 

The firm pays for its goods with a 1-month delay. Therefore, on average, two-thirds of purchases are paid for in the quarter that they are purchased, and one-third are paid in the following quarter.

 

Paymore%u2019s customers pay their bills with a 2-month delay. Therefore, on average, one-thirds of sales are collected in the quarter that they are sold, and two-third are collected in the following quarter. Assume that sales in the last quarter of the previous year were $456.

 

Paymore%u2019s labor and administrative expenses are $78 per quarter and that interest on long-term debt is $54 per quarter.
 

Suppose that cash balance at the start of the first quarter is $50 and its minimum acceptable cash balance is $40.

 

Now assume that Paymore can borrow up to $250 from a line of credit at an interest rate of 2% per quarter. Prepare a short-term financing plan. Refer Spreadsheet 19.3 (Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

 

  Quarter

 
  First Second Third Fourth
A. Cash requirements        
Cash required for operations $ $ $ $
Interest on bank loan        
 
Total cash required $ $ $ $
B. Cash raised in quarter        
Line of credit        
 
Total cash raised $ $ $ $
C. Repayments of bank loan        
D. Addition to cash balances        
E. Line of credit        
Beginning of quarter        
 
End of quarter $ $ $ $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jan 2018 11:01 PM My Price 7.00

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