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Willborn Builders in the building construction business. In Year 2, it is expected that 40 percent of a month's sales will be collected in cash, with the balance being collected the following month. Of the purchases, 50 percent are paid the following month, 30 percent are paid in two months, and the remaining 20 percent are paid during the month of purchase. The sales force receives $2,000 a month base pay plus a 2 percent commission. Labor expenses are expected to be $4,000 a month. Other operating expenses are expected to run about $2,000 a month, including $500 for depreciation. The ending cash balance for Year 1 was $4,500.
Sales Purchases
Year 1-Actual
November $80,000 $70,000
December 90,000 80,000
Year 2-Budgeted
January 70,000 70,000
February 90,000 60,000
March 30,000 50,000
Required:
Question 1: Prepare a cash budget and determine the projected ending cash balances for the first three months of Year 2.
Question 2: Determine the months that the company would either borrow or invest cash
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