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Prepare a short-term financing plan

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Paymore's labor and administrative expenses are $65 per quarter and interest on long-term debt is $40 per quarter. Paymore's cash balance at the start of the first quarter is $40 and its minimum acceptable cash balance is $30. Assume that Paymore can borrow up to $100 from a line of credit at an interest rate of 2% per quarter. On average, one-third of sales are collected in the quarter that they are sold, and two-thirds are collected in the following quarter. Assume that sales in the last quarter of the previous year were $336. On average, two-thirds of purchases are paid for in the quarter that they are purchased, and one-third are paid in the following quarter.

Question 1: Prepare a short-term financing plan using the above table. (Leave no cells blank. Enter '0' when necessary. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in millions of dollars rounded to 2 decimal places.

Reference no: EM132566549

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