Assignment 1: LASA 2—Cash Management and Budgeting
The new owner of Bob’s Boats, Bob, just purchased the business and discovered that the prior owner did not have a plan for managing the current assets of the company. Bob has decided that the place to start is with a cash budget, using the template he used in his prior position.
Click here to download the Excel template for this assignment.
Bob has requested that you to complete the cash budget given the data that he has already retrieved from the company’s records and from his own analysis.
Table-1:
Sales Forecast for the next 9 Months | ||
Month |
Sales |
|
January |
$ 162,000.00 |
|
February |
$ 168,000.00 |
|
March |
$ 324,000.00 |
|
April |
$ 485,000.00 |
|
May |
$ 648,000.00 |
|
June |
$ 325,000.00 |
|
July |
$ 325,000.00 |
|
August |
$ 80,000.00 |
|
September |
$ 162,000.00 |
Collections on receivables have historically been collected as follows and this pattern is expected to continue:
Bob pays for the labor and materials in the month after they are incurred. Bob has also compiled the following information on expenses for the upcoming nine month period:
Table-2:
Month |
Labor and Materials Expense |
Administrative Salaries |
Depreciation Charges |
Income Taxes |
Lease Payments |
Miscellaneous Expenses |
January |
$ 80,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
February |
$ 80,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
March |
$ 114,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
April |
$ 794,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
May |
$ 275,000.00 |
$ 25,000.00 |
$ 34,500.00 |
$ 58,500.00 |
$ 8,500.00 |
$ 3,000.00 |
June |
$ 210,500.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
July |
$ 146,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
August |
$ 80,000.00 |
$ 25,000.00 |
$ 34,500.00 |
$ 58,500.00 |
$ 8,500.00 |
$ 3,000.00 |
September |
$ 81,000.00 |
$ 25,000.00 |
$ 34,500.00 |
– |
$ 8,500.00 |
$ 3,000.00 |
Bob has also identified a cash payment of $175,000 upon completion of a new boat dock in July. As of March 1st, the company now has $125,000 in cash on hand and would like to maintain a minimum cash balance of $85,000 at all times.
Required:
***Please include atleast 3 credible references******
Assignment 1 Grading Criteria |
Maximum Points |
Correctly constructed a Schedule of Collections and Payments for the company during the period indicated. |
48 |
Correctly constructed a Schedule of Cash Gains and Shortages for the company during the period indicated. |
48 |
Correctly constructed a Schedule of Cash Surplus or Shortages for the company during the period indicated. |
48 |
Correctly constructed a Schedule of Net Cash Flow for the company during the period indicated. |
48 |
Correctly summarized the findings and identified any needed changes to the credit policy of the firm. |
44 |
Written Components: Organization (12) usage and mechanics (12) APA elements (16) Style (4) |
64 |
Total: |
300 |
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