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Nelson's Snack Packs Ltd expects to begin January with $50,000 cash. NSP forecasts that sales revenue in January will be $500,000, with half being collected in cash, the other half is expected to be collected as cash in February. NSP is scheduled to receive $30,000 cash on a bill receivable in January. Inventory purchases are expected to be $400,000 during January, however NSP will only pay for three quarters of these purchases during January. In addition, salary expenses of $20,000 are paid in January. Machinery depreciation is $50,000 in January. NSP requires at least $65,000 as the ending cash balance in January and borrows in multiples of $10,000 from the bank.
Problem 1: What is NSP's cash receipts for January?
Problem 2: How much does NSP need to borrow in January?
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