Cyber security has been a major issue of concern because of the Internet. The internet was originally meant to help the military forces in their research. This is reason enough to show the security aspect from the beginning. It was not until later when the internet was accessible to everyone that the criminals also […]
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It does not matter whether you have just started your first year in college, or you are almost finishing. It is important to have an in-depth idea and understanding about a college major. Some students find it hard to choose and settle on a particular major. However, it is the most important decision each and […]
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It does not matter whether it is the first time you are going to write an annotated bibliography or you have done it before, you can still benefit from learning more.Writing an annotated bibliography is a problem to many students, because it requires deeper understanding. An annotated bibliography requires you to apply various intellectual skills.We […]
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Cyrus Brown Manufacturing (CBM).To avoid any uncertainty regarding his business’ financing needs at the time when such needs may arise, Cyrus Brown wants to develop a cash budget for his latest venture: Cyrus Brown Manufacturing (CBM).
Please read the relevant parts of your textbook, which refer to cash flow and financial planning.
To avoid any uncertainty regarding his business’ financing needs at the time when such needs may arise, Cyrus Brown wants to develop a cash budget for his latest venture: Cyrus Brown Manufacturing (CBM). He has estimated the following sales forecast for CBM over the next 9 months:
March
$100,000
April
$275,000
May
$320,000
June
$450,000
July
$700,000
August
$700,000
September
$825,000
October
$500,000
November
$115,000
He has also gathered the following collection estimates regarding the forecast sales:
Payment collection within the month of sale = 25%
Payment collection the month following sales = 55%
Payment collection the second month following sales = 20%
Payments for direct manufacturing costs like raw materials and labor are made during the month that follows the one in which such costs have been incurred. These costs are estimated as follows:
March
$187,500
April
$206,250
May
$375,000
June
$337,500
July
$431,250
August
$640,000
September
$395,000
October
$425,000
Additional financial information is as follows:
Administrative salaries will approximately amount to $35,000 a month.
Lease payments around $15,000 a month.
Depreciation charges, $15,000 a month.
A one-time new plant investment in the amount of $95,000 is expected to be incurred and paid in June.
Income tax payments estimated to be around $55,000 will be due in both June and September.
And finally, miscellaneous costs are estimated to be around $10,000 a month.
Cash on hand on March 1 will be around $50,000, and a minimum cash balance of $50,000 shall be on hand at all times.
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