Ace company began 2012 with 42000 of cash during 2012 ace

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Ace Company began 2012 with $42,000 of cash. During 2012, Ace expected to collect $200,000 from customers during the first quarter, $500,000 in the second quarter, $500,000 in the third quarter, and $500,000 in the fourth quarter. Expected cash expenditures during 2102 were $200,000, $400,000, $400,000, and $400,000 in the first, second, third, and fourth quarter, respectively. Ace%u2019s banker requires Ace to maintain a $30,000 balance at the end of each quarter, and allows ace to borrow in $10,000 increments at the beginning of each quarter. Interest is charged at a rate of 12% per year and the loan may be repaid with interest at the end of any quarter. Prepare a 2012 cash budget for Ace.

Reference no: EM13579528

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