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Ramon Manufacturing has a cash balance of P8,000 on August 1 of the current year. The company's controller forecast the following cash receipts and cash disbursements for the upcoming two months of activity. Receipts Payments August P 45,000 P 57,000 September 66,000 56,000 Management desires to maintain a minimum cash balance of P8,000 at all times. If necessary, additional financing can be obtained in P1,000 multiples at a 12% interest rate. All borrowings are made at the beginning of the month; debt retirement, on the otherhand, occurs at the end of the month. Interest is paid at the time of repaying loan principal and is computed on the portion of debt repaid.
Required:
Question 1. Determine the ending cash balance in August both before and after any necessary financing or debt retirement. Repeat part agin for September.
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