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Question - ABC Company provides the following sales forecast and cash outflow forecast for the next three months June - August.
April
May
June
July
August
Sales
600,000
800,000
400,000
900,000
Cash outflow
720,000
640,000
660,000
Each months sales are 20% for cash and 80% on credit. Debtor Pay off debt in two equal installments. The first payment is due one month after purchase, the second payment is due two months after purchase.
The ABC company sells assets on August for $340,000.
On June 1, cash balance is equal to $200000.
Minimum cash balance is $40000 per month.
The bank allows the company to borrow in increments of $10,000 at the beginning of each month and the company required to pay the loan by the end of each month with interest rate of 12%.
1 year is 360 days.
REQUIRED -
1. Prepare the Cash Budget of the ABC Company?
2. Does the company need funding?
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