A 123. Susan is a true accountant: she not only likes knowing where every dollar is going, she is obsessed with it. So she is happy to take on thecash budget for this small company. She wants to go back through the fourth-quarter plan with a fine-toothed comb before working onthe following calendar year's cash budget. After reviewing many notes from the management team, she has the following information.Cash receiptsCash disbursementsAddition information:●●●●●October$53,70052,400November$56,80062,300December$56,50053,600Line of credit withdrawals must be made on the first of the month in $1,000 increments.Line of credit payments must be made on the last day of the month in $1,000 increments.Credit line balance, September 30, $2,000.Annual loan interest rate, 6%, with monthly interest payments required.Minimum monthly cash account balance, $10,000.Cash balance, September 30, $10,800. (a)Complete the fourth-quarter cash budget for Susan, reporting amounts for each month and for the quarter overall. (Round answersto 2 decimal places, e.g. 15.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)(b)$$OctoberOctoberNovemberDecember$Is this an issue?$November$DecemberAssume company executives prefer not to borrow more than $5,000 from the company's line of credit at any given time (becausedebt in any amount makes them nervous). In this fourth quarter, is this an issue? If so, identify for which month(s) it is an issue.$$Quarter

Cash Budget The purpose of preparing the Cash Budget to know the total Cash inflows and Outflows of…

(a) Complete the fourth-quarter cash budget for Susan, reporting amounts for each month and for the quarter overall. (Round answers to 2 decimal places, eg. 15.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ October $ November $ December $ Quarter

(a) Complete the fourth-quarter cash budget for Susan, reporting amounts for each month and for the quarter overall. (Round answers to 2 decimal places, eg. 15.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ October $ November $ December $ Quarter

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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