Reference no: EM132591164
You have the following information on your 2021 outdoor public swimming pool operation:
Projected Cash Balance on May 31: $ 10,000
Projected sales (all collected in cash):
June $45,000
July $50,000
August $55,000
Projected operating expenses: all paid in month following the month indicated:
May $42,000
June $30,000
July $35,000
August $10,000
Additional monthly operating expenses:
Depreciation is $6000
Planned locker room reconstruction (will pay cash):
July $55,000
You have a policy of maintaining a minimum cash balance of $1,000 at the end of each month. If necessary, you will borrow (get a loan) at the beginning of the applicable month to maintain this balance All borrowings are in increments of $1,000. All repayments would be made at the end of the month in which the minimum balance can be met, after repayment of the loan and interest which is calculated at 1% per month Interest is not paid until the corresponding loan can be repaid.
There will be no outstanding loans as of May 31
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