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A firm has estimated its sales, purchases from suppliers, andwages and miscellaneous operating cash outlays for the first fourmonths of next year as follows:MonthsSalesPurchasesWages & MiscJanuary$100,000$60,000$20,000February$102,000$70,000$30,000March$105,000$55,000$35,000April$110,000$50,000$25,000It estimates that 50 percent of its sales will be for cash, andthat it will receive the remaining portion in two equal amounts atthe end of the subsequent two months. It plans to pay for all ofits purchases two months after the purchase date.The firm is scheduled to pay dividends of $40,000 in January,and to pay $20,000 for new equipment in March. Its beginning cashbalance is $30,000, and the firm wishes to maintain a minimumbalance of $10,000. Wages and miscellaneous must be paid monthlywithout delay. Estimate the firm’s cash budget for the first fourmonths of next year. Assume that the sales and purchases were thesame in November and December as they are estimated to be inJanuary.