Reference no: EM13972971
The Company has projected sales as follows: Sales September October November December January $ 70,000 $ 80,000 $ 90,000 $ 1,00,000 $ 70,000 Other information:
1. ACME collects 70% of its sales in the month of the sale, 20% in the second month and 10% in the third month.
2. ACME purchases and pays for raw materials one month in advance of its sales. The purchases are 50% of sales.
3. ACME pays $8,000 rent each month for its factory.
4. ACME pays $5,000 other costs each month.
5. A tax prepayment of $40,000 is due in October.
6. ACME has a line of credit with it's local bank for $500,000 at 12% interest, and must maintain a bank balance of $10,000
7. At September 30th, it had borrowed $40,000 on its LOC, and had a bank balance of $10,000
a. Prepare a cash budget for the last quarter of the year (October - December)
b. Will the ACME have its LOC paid off by 12/31?
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