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AudioFile Products Ltd. is a retailer that sells sound systems. The company is planning its cash needs for the month of January, 2013. In the past, AudioFile has had to borrow money during the post-Christmas season to offset a significant decline in sales. The following information has been assembled to assist in preparing a cash flow forecast for January.
Sales $200,000
Cost of goods sold 150,000
Gross profit 50,000
Variable selling expenses $ 10,000
Fixed administrative expenses 20,000 30,000
Forecast net operating income $ 20,000
Required: Prepare a Cash Flow Forecast for AudioFile for the month of January 2013. Include appropriate supporting schedules.
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