ADMS 1500 Lecture Notes - Lecture 6: Earnings Before Interest And Taxes, Income Statement, Microsoft Powerpoint
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Preparing a Comprehensive Budget
Ginnie Springs Company has been bottling and selling water since1940. The companyâs current owner would like to know how a newproduct would affect the companyâs rent income in the comingyear.
Required
Calculate Ginnie Springs net income for the new product in thecoming year by completing the operating budgets and budgeted incomestatement that follow. Assume that the selling price will remainconstant.
Sales budget
Ginnie Springs Company
Sales Budget
Forthe year Ended December 31
Quarter
1 | 2 | 3 | 4 | Year | |
Sales in Units | 40,000 | 30,000 | 50,000 | 55,000 | 175,000 |
Selling price per unit | X $1 | X ? | X ? | X ? | X ? |
Totals Sales | 40,000 | $ ? | X ? | X ? | X ? |
2. Production Budget:
Ginnie SpringsCompany
ProductionBudget
For the year Ended December31_____________
Quarter
1 | 2 | 3 | 4 | Year | |
Sales in Units | 40,000 | ? | ? | ? | ? |
Plus desired units of ending finished goods inventory* | 30,000 | ? | ? | 6000 | 6000 |
Desired total Units | 43000 | ? | ? | ? | ? |
Less desired units of ending finished goods inventory* | 4000 | ? | ? | ? | 4000 |
Total Production units | 39,000 | ? | ? | ? | ? |
*Desired units of ending finished goods inventory = 10% of nextquarterâs budgeted production needs in ounces. Desired ounces ofbeginning direct materials inventory = 20% of current quartersbudgeted production needs in ounces.
3.DirectMaterials Purchases budget
Ginnie SpringsCompany
Direct Materials PurchaseBudget
For the year Ended December31_____________
Quarter
1 | 2 | 3 | 4 | Year | |
Total production units | 39,000 | 32,000 | 50,500 | 55,500 | ? |
Ounces per unit | X 20 | X 20 | X 20 | X 20 | X 20 |
Total production needs in ounces | 780,000 | ? | ? | ? | ? |
Plus desired ounces of ending direct materials inventory* | 128,000 908,000 | ? ? | ? ? | 240,000 ? | 240,000 ? |
Less desired ounces of ending direct materials inventory* | 156,000 | ? | ? | ? | 156,000 |
Total ounces of direct material to be purchased | 752,000 | ? | ? | ? | ? |
Cost per ounce | X $0.01 | X ? | X ? | X ? | X ? |
Total cost of direct materials purchases | $7520 | ? | ? | ? | ? |
Desired ounces of ending direct material inventory =20% of nextquarters budgeted production needs in ounces.
Desired ounces of beginning direct materials inventory = 20% ofcurrent quarters budgeted production needs in ounces.
4.Directlabor budget:
Ginnie SpringsCompany
Direct LaborBudget
For the year EndedDecember 31_____________
Quarter
1 | 2 | 3 | 4 | Year | |
Total production units | 39,000 | ? | ? | ? | ? |
Direct labor hours per units | X 0.001 | X ? | X ? | X ? | X ? |
Total direct labor hours | 39.0 | ? | ? | ? | ? |
Direct labor cost per hour | X $8 | X ? | X ? | X ? | X ? |
Total direct labor cost | $312 | $ ? | $ ? | $ ? | $ ? |
5.Overheadbudget
Ginnie SpringsCompany
Overhead Budget
For the year EndedDecember 31_____________
Quarter
1 | 2 | 3 | 4 | Year | |
Variable overhead costs: | |||||
Factory supplies ($0.01) | $ 390 | $ ? | $ ? | $ ? | $ ? |
Employee benefits ($0.05) | 1,950 | ? | ? | ? | ? |
Inspection ($0.01) | 390 | ? | ? | ? | ? |
Maintenance and repairs($0.02) | 780 | ? | ? | ? | ? |
Utilities ($0.01) | 390 | ? | ? | ? | ? |
Total Variable overheadcosts | $3900 | $ ? | $ ? | $ ? | $ ? |
Total fixed overhead costs | 1416 | ? | ? | ? | ? |
Total overhead costs | $5,316 | $ ? | $ ? | $ ? | $ ? |
Note: The figures in parentheses are variable costs perunit.
6.Sellingand administrative expenses budget:
Ginnie SpringsCompany
Selling and Administrative Expenses Budget
For the year EndedDecember 31_____________
Quarter
1 | 2 | 3 | 4 | Year | |
Variable Selling and Administrative expenses | |||||
Delivery expenses ($0.01) | $ 400 | $ ? | $ ? | $ ? | $ ? |
Sales Commission ($0.02) | 800 | ? | ? | ? | ? |
Accounting ($0.01) | 400 | ? | ? | ? | ? |
Other administrative expenses($0.01) | 400 | ? | ? | ? | ? |
Total Variable selling and administrative exp. | $2,000 | $ ? | $ ? | $? | $? |
Total fixed selling and administrative exp. | 5000 | ? | ? | $? | ? |
Total selling and administrative expenses | $ 7,000 | $ ? | $ ? | $ ? | $ ? |
Note: The figures in parentheses arevariable costs per unit
7. Cost of goods manufactured budget:
Ginnie SpringsCompany
Cost of Goods Manufactured Budget
For the year EndedDecember 31_____________
Direct Material Used:
Direct Material Inventory,Beginning
Purchases
Cost of Direct materials available foruse
Less: Direct materials Inventory,ending
Cost of Direct Materialsused
Direct laborcosts:
Overhead costs:
Total manufacturing costs
Work in Process Inventory,beginning*
Less: work in process inventory,ending*
Cost of Goods Manufactured
Units produced
Manufactured cost perunit
It is the companyâs policy to have no units in process at theend of theyear.
8. Budgeted income statement
Ginnie Springs Company
Selling and Administrative Expenses Budget
For the year EndedDecember 31_____________
Sales
Cost of goods sold
Finished goods inventory beginning
Cost of goods manufactured
Cost of Goods available for sale
Less finished goods inventory, ending
Cost of good sold
Gross margin
Selling and administrative expenses
Income from operations
Income taxes expenses (30% tax rate)
Net Income
Requirement 2:
The company has just hired a new marketing manager who insiststhat unit sales can be dramatically increased by dropping theselling price from $8 to $7. The marketing manager would like touse the following projections in the budget:
Check your worksheet by changing the budgeted unit sales inQuarter 2 of Year 2 in cell C5 to 75,000 units. The total expectedcash collections for the year should now be $2,085,000. If you donot get this answer, find the errors in your worksheet and correctthem.
Data | Year 2 Quarter | Year 3 Quarter | ||||
1 | 2 | 3 | 4 | 1 | 2 | |
Budgeted unitsales | 50,000 | 70,000 | 115,000 | 60,000 | 80,000 | 95,000 |
Selling price perunit | $7 | per unit | ||||
A | B | C | D | E | F | F | |
1 | Chapter 9: Applying Excel | ||||||
2 | |||||||
3 | Data | Year 2 Quarter | Year 3 Quarter | ||||
4 | 1 | 2 | 3 | 4 | 1 | 2 | |
5 | Budgeted unit sales | 50,000 | 70,000 | 115,000 | 60,000 | 80,000 | 95,000 |
6 | |||||||
7 | ⢠Selling price per unit | $7 | per unit | ||||
8 | ⢠Accounts receivable, beginning balance | $65,000 | |||||
9 | ⢠Sales collected in the quarter sales are made | 75% | |||||
10 | ⢠Sales collected in the quarter after sales are made | 25% | |||||
11 | ⢠Desired ending finished goods inventory is | 30% | of the budgeted unit sales of the next quarter | ||||
12 | ⢠Finished goods inventory, beginning | 12,000 | units | ||||
13 | ⢠Raw materials required to produce one unit | 5 | pounds | ||||
14 | ⢠Desired ending inventory of raw materials is | 10% | of the next quarter's production needs | ||||
15 | ⢠Raw materials inventory, beginning | 23,000 | pounds | ||||
16 | ⢠Raw material costs | $0.80 | per pound | ||||
17 | ⢠Raw materials purchases are paid | 60% | in the quarter the purchases are made | ||||
18 | and | 40% | in the quarter following purchase | ||||
19 | ⢠Accounts payable for raw materials, beginning balance | $81,500 | |||||
20 |
c. What is the total cost of raw materials to be purchased forthe year under this revised budget?
d. What are the total expected cash disbursements for rawmaterials for the year under this revised budget?
Here is what I got... but my answers are wrong... pleasehelp
Chapter 9: ApplyingExcel | |||||||
Data | Year 2 Quarter | Year 3 Quarter | |||||
1 | 2 | 3 | 4 | 1 | 2 | ||
Budgeted unit sales | 50,000 | 70,000 | 115,000 | 60,000 | 80,000 | 95,000 | |
⢠Selling price per unit | $7 | per unit | |||||
⢠Accounts receivable, beginningbalance | $65,000 | ||||||
⢠Sales collected in the quarter salesare made | 75% | ||||||
⢠Sales collected in the quarter aftersales are made | 25% | ||||||
⢠Desired ending finished goodsinventory is | 30% | of the budgeted unit sales of the next quarter | |||||
⢠Finished goods inventory,beginning | 12,000 | units | |||||
⢠Raw materials required to produce oneunit | 5 | pounds | |||||
⢠Desired ending inventory of rawmaterials is | 10% | of the next quarter's production needs | |||||
⢠Raw materials inventory,beginning | 23,000 | pounds | |||||
⢠Raw material costs | $0.80 | per pound | |||||
⢠Raw materials purchases are paid | 60% | in the quarter the purchases are made | |||||
and | 40% | in the quarter following purchase | |||||
⢠Accounts payable for raw materials,beginning balance | $81,500 | ||||||
Enter a formula into eachof the cells marked with a ? below | |||||||
Review Problem: Budget Schedules | |||||||
Construct the sales budget | Year 2 Quarter | Year 3 Quarter | |||||
1 | 2 | 3 | 4 | 1 | 2 | ||
Budgeted unit sales | 50,000 | 70,000 | 115,000 | 60,000 | 80,000 | 95,000 | |
Selling price per unit | $7 | $7 | $7 | $7 | $7 | $7 | |
Total sales | $350,000 | $490,000 | $805,000 | $420,000 | $560,000 | $665,000 | |
Construct the schedule of expected cashcollections | Year 2 Quarter | ||||||
1 | 2 | 3 | 4 | Year | |||
Accounts receivable, beginningbalance | $ 65,000 | $ 65,000 | |||||
First-quarter sales | 262,500 | $ 87,500 | $ 350,000 | ||||
Second-quarter sales | 367,500 | $ 122,500 | $ 490,000 | ||||
Third-quarter sales | 603,750 | $ 201,250 | $ 805,000 | ||||
Fourth-quarter sales | 315,000 | $ 315,000 | |||||
Total cash collections | $ 327,500 | $ 455,000 | $ 726,250 | $ 516,250 | $ 2,025,000 | ||
Construct the production budget | Year 2 Quarter | Year 3 Quarter | |||||
1 | 2 | 3 | 4 | Year | 1 | 2 | |
Budgeted unit sales | 50,000 | 70,000 | 115,000 | 60,000 | 295,000 | 80,000 | 95,000 |
Add desired finished goodsinventory | 21,000 | 34,500 | 18,000 | 24,000 | 24,000 | 28,500 | |
Total needs | 71,000 | 104,500 | 133,000 | 84,000 | 319,000 | 108,500 | |
Less beginning inventory | 12,000 | 21,000 | 34,500 | 18,000 | 12,000 | 24,000 | |
Required production | 59,000 | 83,500 | 98,500 | 66,000 | 307,000 | 84,500 | |
Construct the raw materials purchasesbudget | Year 2 Quarter | Year 3 Quarter | |||||
1 | 2 | 3 | 4 | Year | 1 | ||
Required production (units) | 59,000 | 83,500 | 98,500 | 66,000 | 307,000 | 84,500 | |
Raw materials required to produce oneunit | 5 | 5 | 5 | 5 | 5 | 5 | |
Production needs (pounds) | 295,000 | 417,500 | 492,500 | 330,000 | 1,535,000 | 422,500 | |
Add desired ending inventory of rawmaterials (pounds) | 41,750 | 42,500 | 28,000 | 36,500 | 36,500 | ||
Total needs (pounds) | 336,750 | 460,000 | 520,500 | 366,500 | 1,571,500 | ||
Less beginning inventory of rawmaterials (pounds) | 23,000 | 41,750 | 42,500 | 28,000 | 23,000 | ||
Raw materials to be purchased | 313,750 | 418,250 | 478,000 | 338,500 | 1,548,500 | ||
Cost of raw materials per pound | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 | ||
Cost of raw materials to bepurchased | $251,000 | $334,600 | $382,400 | $270,800 | $1,238,800 | ||
Construct the schedule of expected cashpayments | Year 2 Quarter | ||||||
1 | 2 | 3 | 4 | Year | |||
Accounts payable, beginningbalance | $ 81,500 | $ 81,500 | |||||
First-quarter purchases | 150,600 | $ 100,400 | 251,000 | ||||
Second-quarter purchases | 200,760 | $ 133,840 | $ 334,600 | ||||
Third-quarter purchases | 229,440 | $ 152,960 | 382,400 | ||||
Fourth-quarter purchases | 162,480 | $ 162,480 | |||||
Total cash disbursements | $ 232,100 | $ 301,160 | $ 363,280 | $ 315,440 | $ 1,211,980 | ||
Susquehanna Corp. is a manufacturer of earrings. You have been hired as a new management trainee of the company. In the past, the company has done very little in budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming year. You have gathered the beginning balance sheet and the necessary assumptions for you to create the budget. The company has an agreement with a bank that allows the company to borrow in increments of $10,000 at the beginning of each quarter. The interest is 2% per quarter and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company will pay the bank all of the accumulated interest for the quarter on the loan and as much of the loan as possible (in increments of $10,000), while still retaining at least $40,000 in cash. Insurance for the whole year will be paid in January. Prepare the master budget for the year 2017. | |||||||||||||
0 | |||||||||||||
Earrings Corp. | Earrings Corp. | ||||||||||||
Balance Sheet | Budgeting Assumptions | ||||||||||||
December 31, 2016 | |||||||||||||
2017 | 2018 | ||||||||||||
Assets | Sales Budget Assumptions | Same for all quarters | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Quarter 1 | Quarter 2 | |||||
Current assets: | Budgeted sales in pairs of earrings | 105,000 | 50,000 | 60,000 | 100,000 | 135,000 | 65,000 | ||||||
Cash | $ 48,000 | Selling price per pair | $ 23.50 | ||||||||||
Accounts receivable | 224,000 | Percentage of sales collected in the quarter of sale | 60% | ||||||||||
Raw materials inventory (240,000 grams of silver) | 120,000 | Percentage of sales collected in the quarter after sale | 40% | ||||||||||
Finished goods inventory (48,000 pairs of earrings) | 480,000 | ||||||||||||
Total current assets | $ 872,000 | Production Budget Assumptions | |||||||||||
Plant and equipment: | Percentage of next quarter's sales needed in ending finished goods inventory | 40% | |||||||||||
Land | 50,000 | ||||||||||||
Buildings and equipment | 650,000 | Direct Materials Budget Assumptions | |||||||||||
Accumulated depreciation | (330,000) | Grams of silver per pair of earring | 10 | ||||||||||
Total Plant and equipment, net | 370,000 | Cost per gram of silver | $ 0.50 | ||||||||||
Total assets | $ 1,242,000 | Percentage of next quarter's production needs in ending inventory | 20% | ||||||||||
Percentage of purchases paid in the quarter of purchase | 55% | ||||||||||||
Liabilities and Stockholders' Equity | Percentage of purchases paid in the quarter after purchase | 45% | |||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ 93,000 | Direct Labor Budget Assumptions | |||||||||||
Stockholders' equity: | Direct labor-hours required per pair | 0.20 | |||||||||||
Common stock | $ 700,000 | Direct labor cost per hour | $ 12.00 | ||||||||||
Retained earnings | 449,000 | ||||||||||||
Total stockholders' equity | 1,149,000 | Manufacturing Overhead Budget Assumptions | |||||||||||
Total liabilities and stockholders' equity | $ 1,242,000 | Variable manufacturing overhead per direct labor-hour | $ 1.50 | ||||||||||
Fixed manufacturing overhead excluding depreciation per quarter | $ 145,950 | ||||||||||||
Depreciation on factory assets per quarter | $ 25,000 | $ 30,000 | $ 32,000 | $ 33,000 | |||||||||
Selling and Administrative Expense Budget Assumptions | |||||||||||||
Variable selling and administrative expense per pair | $ 2.80 | ||||||||||||
Fixed selling and administrative expense: | |||||||||||||
Advertising expense per quarter | $ 270,000 | ||||||||||||
Executive salaries per quarter | $ 105,000 | ||||||||||||
Insurance expense per quarter | $ 48,000 | (the whole year's insurance will be paid in January) | |||||||||||
Rent expense per quarter | $ 240,000 | ||||||||||||
Depreciation on non-factory assets per quarter | $ 14,000 | $ 16,000 | $ 17,000 | $ 18,000 | |||||||||
Cash Budget Assumptions | |||||||||||||
Minimum cash balance | $ 40,000 | ||||||||||||
Equipment purchases | $ 20,000 | $ 40,000 | $ 15,000 | $ 10,000 | |||||||||
Dividends per quarter | $ 15,000 | ||||||||||||
Interest rate per quarter | 2% | ||||||||||||
Loans can be made and repaid in increments of $10,000 | |||||||||||||
Earrings Corp. | |||||||||||||
Master Budget | |||||||||||||
For the Year Ended December 31, 2017 | |||||||||||||
Sales Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Budgeted unit sales (in pairs) | ? | ? | ? | ? | ? | ||||||||
Selling price per unit | ? | ? | ? | ? | ? | ||||||||
Total sales | ? | ? | ? | ? | ? | ||||||||
Schedule of Expected Cash Collections | |||||||||||||
Beginning accounts receivable | ? | ? | |||||||||||
First quarter sales | ? | ? | ? | ||||||||||
Second quarter sales | ? | ? | ? | ||||||||||
Third quarter sales | ? | ? | ? | ||||||||||
Fourth quarter sales | ? | ? | |||||||||||
Total cash collections | ? | ? | ? | ? | ? | ||||||||
Production Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Budgeted unit sales | ? | ? | ? | ? | ? | ||||||||
Add: Desired units of ending finished goods inventory | ? | ? | ? | ? | ? | ||||||||
Total needs | ? | ? | ? | ? | ? | ||||||||
Less: Units of beginning finshed goods inventory | ? | ? | ? | ? | ? | ||||||||
Required production in units | ? | ? | ? | ? | ? | ||||||||
Direct Materials Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Required production in pairs | ? | ? | ? | ? | ? | ||||||||
Units of raw materials needed per pair | ? | ? | ? | ? | ? | ||||||||
Units of raw materials needed to meet production | ? | ? | ? | ? | ? | ||||||||
Add desired units of ending raw materials inventory | ? | ? | ? | 214,000 | ? | ||||||||
Total units of raw materials needed | ? | ? | ? | ? | ? | ||||||||
Less units of beginning raw materials inventory | ? | ? | ? | ? | ? | ||||||||
Units of raw materias to be purchased | ? | ? | ? | ? | ? | ||||||||
Cost of raw materials per pound | ? | ? | ? | ? | ? | ||||||||
Cost of raw materials to be purchased | ? | ? | ? | ? | ? | ||||||||
Schedule of Expected Cash Disbursements for Purchases of Materials | |||||||||||||
Beginning accounts payable | ? | ? | |||||||||||
First quarter purchases | ? | ? | ? | ||||||||||
Second quarter purchases | ? | ? | ? | ||||||||||
Third quarter purchases | ? | ? | ? | ||||||||||
Forth quarter purchases | ? | ? | |||||||||||
Total cash disbursements for materials | ? | ? | ? | ? | ? | ||||||||
Direct Labor Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Required production in pairs | ? | ? | ? | ? | ? | ||||||||
Direct labor-hours per pair | ? | ? | ? | ? | ? | ||||||||
Total direct labor-hours needed | ? | ? | ? | ? | ? | ||||||||
Direct labor cost per hour | ? | ? | ? | ? | ? | ||||||||
Total direct labor cost | ? | ? | ? | ? | ? | ||||||||
Manufacturing Overhead Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Budgeted direct labor-hours | ? | ? | ? | ? | ? | ||||||||
Variable manufacturing overhead rate | ? | ? | ? | ? | ? | ||||||||
Variable manufacturing overhead | ? | ? | ? | ? | ? | ||||||||
Fixed manufacturing overhead | ? | ? | ? | ? | ? | ||||||||
Total manufacturing overhead | ? | ? | ? | ? | ? | ||||||||
Less depreciation on factory assets | ? | ? | ? | ? | ? | ||||||||
Cash disbursements for manufacturing overhead | ? | ? | ? | ? | ? | ||||||||
Total manufacturing overhead | ? | ||||||||||||
Budgeted direct labor-hours | ? | ||||||||||||
Predetermined overhead rate for the year 2017 | ? | ||||||||||||
Ending Finished Goods Inventory Budget (absorption costing basis) | |||||||||||||
Item | Quantity | Cost | Total | ||||||||||
Production cost per case: | |||||||||||||
Direct materials | ? | grams | ? | per gram | ? | ||||||||
Direct labor | ? | hours | ? | per hour | ? | ||||||||
Manufacturing overhead | ? | hours | ? | per hour | ? | ||||||||
Unit product cost | ? | ||||||||||||
Budgeted finished goods inventory: | |||||||||||||
Ending finished goods inventory in cases | ? | ||||||||||||
Unit product cost | ? | ||||||||||||
Ending finished goods inventory in dollars | ? | ||||||||||||
Selling and Administrative Expense Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Budgeted unit sales | ? | ? | ? | ? | ? | ||||||||
Variable selling and administrative expense per pair | ? | ? | ? | ? | ? | ||||||||
Total variable selling and administrative expense | ? | ? | ? | ? | ? | ||||||||
Fixed selling and administrative expense per quarter: | |||||||||||||
Advertising | ? | ? | ? | ? | ? | ||||||||
Executive salaries | ? | ? | ? | ? | ? | ||||||||
Insurance | ? | ? | ? | ? | ? | ||||||||
Rent | ? | ? | ? | ? | ? | ||||||||
Depreciation on non-factory assets | ? | ? | ? | ? | ? | ||||||||
Total fixed selling and administrative expense | ? | ? | ? | ? | ? | ||||||||
Total selling and administrative expense | ? | ? | ? | ? | ? | ||||||||
Adjustment for prepaid insurance | #VALUE! | #VALUE! | #VALUE! | #VALUE! | #VALUE! | ||||||||
Less depreciation on non-factory assets | ? | ? | ? | ? | ? | ||||||||
Cash disbursements for selling and administrative expense | ? | ? | ? | ? | ? | ||||||||
Cash Budget | Quarter | ||||||||||||
1 | 2 | 3 | 4 | Year | |||||||||
Beginning cash balance | ? | ? | ? | ? | ? | ||||||||
Add cash receipts: | |||||||||||||
Collections from customers | ? | ? | ? | ? | ? | ||||||||
Total cash available | ? | ? | ? | ? | ? | ||||||||
Less cash disbursements: | |||||||||||||
Direct materials | ? | ? | ? | ? | ? | ||||||||
Direct labor | ? | ? | ? | ? | ? | ||||||||
Manufacturing overhead | ? | ? | ? | ? | ? | ||||||||
Selling and administrative | ? | ? | ? | ? | ? | ||||||||
Equipment purchases | ? | ? | ? | ? | ? | ||||||||
Dividends | ? | ? | ? | ? | ? | ||||||||
Total cash disbursements | ? | ? | ? | ? | ? | ||||||||
Excess (deficiency) of cash available over disbursements | ? | ? | ? | ? | ? | ||||||||
Financing: | |||||||||||||
Borrowings (at the beginnings of quarters) | $ 50,000.00 | $ - | ? | ||||||||||
Repayments (at end of the year) | $ - | ? | ? | ||||||||||
Interest | $ (1,000.00) | ? | ? | ||||||||||
Total financing | $ 49,000.00 | ? | ? | ? | ? | ||||||||
Ending cash balance | ? | ? | ? | ? | ? |