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This lab assignment will correspond to developing a cash flow budget with an operating loan. There is on lab exercise listed below. Additionally, there are two assignment questions. Please complete the lab exercise in Excel. The assignment questions can be completed by hand or in Word. You make work with one other individual (no more than two people per team). Hand in one hard copy of Lab 4 per team to the instructor AND upload your Excel file to Angel by the due date.
1. Consider you are putting together a quarterly cash flow budget at the start of January for the up-coming year (called a projected cash flow). On the following page is an incomplete cash flow budget. With the following information, complete the cash flow budget by developing an Excel spreadsheet. Use the Lab 4 Excel file provided on the Angel web site.
Use the input data worksheet in your formula for those data items given in the input data worksheet.
The year starts with a $0 operating loan balance. The operating loan is a revolving line of credit with a $300,000 maximum loan balance.
The operating loan has a 9% annual interest rate. You want a minimum of $25,000 cash available at the beginning of each quarter. At the end of each quarter, any cash available over and above $25,000 is used to pay off the outstanding operating loan. Whenever funds are used to pay interest and principal, all accrued interest is paid first with the remaining funds applied to the outstanding principal balance. In calculating interest owed on the operating loan, assume the amount borrowed in each quarter was borrowed on the first day of the first month in the quarter. Also assume that any principal and interest payment made on the operating loan is made on the last day of the last month in the quarter that the repayment is made.
2. Complete the Cash Flow spreadsheet using appropriate formulas.
THE NOTES TO THE ACCOUNTS The notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on
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