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Ace Corp. has sales for the second quarter of $2M, $3M and $5m per month. All sales are on credit terms 2/10 net 40. Only a small proportion of customers (10%) pay early enough to earn the 2% discount. Most customers (70%) pay in the month following purchase, with the remaining 20% paying in the second month following purchase. It obtains 30 days credit from its suppliers, and purchases usually amount to 70 % of the current month's sales. Taxes ($0.75M) must be paid in the third month of the quarter. Other expenses are (i) wages @ 15% of current month's sales (ii) interest on debt ($0.5M), and "other expenses" @ 10% of current month's sales.
Problem 1: Construct a cash budget for third month of the second quarter.
Problem 2: Does the firm have a cash surplus or deficit?
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