Piano Man, Inc., has a 32-day average collection period

Answer of Piano Man, Inc., has a 32-day average collection period in $2 Only (Instant Download)

Piano Man, Inc., has a 32-day average collection period and wants to maintain a minimum cash balance of $20 million, which is what the company currently has on hand. The company currently has a receivables balance of $182 million and has developed the following sales and cash disbursement budgets in millions:

Q1Q2Q3Q4
  Sales$315$390$475$435
  Total cash disbursement265340605375
Required:
Complete the following cash budget for the company. (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign. Enter your answers in millions of dollars. Round your answers to the nearest whole million dollar amount (e.g., 32).)
PIANO MAN, INC.
Cash Budget
(in millions)
Q1Q2Q3Q4
  Beginning receivables$$$$
  Sales315390475435
  Cash collections
  Ending receivables$$$$
  Total cash collections$$$$
  Total cash disbursements265340605375
  Net cash inflow$$$$
  Beginning cash balance$$$$
  Net cash inflow
  Ending cash balance$$$$
  Minimum cash balance$$$$
  Cumulative surplus (deficit)$$$$

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Exercise 8-7 Cash Budget [LO8] Forest Outfitters

Exercise 8-7 Cash Budget [LO8] Forest Outfitters for $14 OnlyCash Budget

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
$ 411,000
$ 686,000
$ 428,000
$ 544,000
Total cash disbursements
$ 521,000
$ 408,000
$ 419,000
$ 454,000

The company’s beginning cash balance for the upcoming fiscal year will be $67,600. The company requires a minimum cash balance of $31,100 and may borrow any amount needed from a local bank at a quarterly interest rate of 1.2%. 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 payments are due on any principal at the time it is repaid.

Required:
Complete the company’s cash budget for the upcoming fiscal year. (Input all amounts as positive values except cash deficiency, repayments, and interest, which 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 the nearest dollar amount. Omit the “$” sign in your response.)

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