Financial and Managerial Accounting: P22-57 Assume Daniels Consulting began January

Financial and Managerial Accounting 
P22-57 Preparing a Financial Budget 
This problem continues the Daniels Consulting situation from Problem P20-43 of Chapter 20. 
Assume Daniels Consulting began January with $12,000 cash. Management forecasts that cash receipts from credit customers will be $52,000 in January and $55,000 in February. 
Projected cash payments include equipment purchases ($16,000 in January and $40,400 in February) and selling and administrative expesnes ($6,000 each month). 
Daniels's bank requires a $23,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below $23,000, the bank automatically extends credit to the firm in multiples of $5,000. Daniels borrows as little as possible and pays back loans each month in $1,000 increments, plus 12% interest on the entire unpaid principal. The first payment occurs one month after the loan. 

Requirements: 
1. Prepare Daniels Consulting's cash budget for January and February 2018. 
2. How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000?
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