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The new owner of Bob’s Boats, Bob, just purchased the business and discovered that the prior owner did not have a plan for managing the current assets of the company. Bob has decided that the place to start is with a cash budget, using the template he used in his prior position.
Click here to download the Excel template for this assignment.
Bob has requested that you to complete the cash budget given the data that he has already retrieved from the company’s records and from his own analysis.
Collections on receivables have historically been collected as follows and this pattern is expected to continue:
Bob pays for the labor and materials in the month after they are incurred. Bob has also compiled the following information on expenses for the upcoming nine month period:
Bob has also identified a cash payment of $175,000 upon completion of a new boat dock in July. As of March 1st, the company now has $125,000 in cash on hand and would like to maintain a minimum cash balance of $85,000 at all times.
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