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Conroy's total sales for each month were first calculated in the sales budget and are reflected on the first line of the cash budget. Conroy's sales are made on credit with terms of 2/10, net 30. Conroy's experience is that 25% is collected from customers who take ddvantage of the discount, 65% is collected in the second month, and the last 10% is collected in the third month after the sale. The budget assumes that there are no bad debts. The cost of materials averages 55% of Conroy's finished product. The purchases are generally made one month in advance of the sale, and Conroy pays its suppliers in 30 days. Accordingly, if July sales are forecasted at $110.00 million, then purchases during June would be $60.50 million ($110.00 million x 55%), and this amount would be paid in July Other cash expenses include wages and salaries at 12% of monthly sales, monthly rent of $40.00 million, and other expenses equal to 5% of monthly sales. Estimated tax payments of $195.00 million and $206.00 million are required to be paid on July 15 and October 15, respectively. In addition, a $1,000.00 million payment for a new plant must be made in September. Assume that Conroy's targeted cash balance is $168.82 million, and the estimated cash on hand on July 1 is $168.82 million, Conroy Company ($ millions) Cash Budget May Jun Dec Jul Aug Sep Oct $95.00 $98.00 $100.00 $101.00 $103.00 $105.00 $108.00 $110.00 Credit sales Credit purchases 55.00 56.65 57.75 59.40 60.50 Jul Aug Sep Oct Dec Cash receipts Collections from this $24.75 $25.24 $25.73 $26.46 $26.95 month's sales Collections from 65.00 65.65 66.95 68.25 70.20 previous month's sales 9.80 10.00 Collections from sales 10.10 10.30 10.50 two months previously Total cash receipts $99.55 $100.89 $102.78 $105.01 $107.65 Cash disbursements Payments for credit purchases $55.00 $55.55 $56.65 $59.40 $60.50 12.00 12.12 12.36 12.96 13,20 Wages and salaries Rent 40.00 40.00 40.00 40.00 40.00 Other expenses 5.00 5.05 5.15 5.40 5.50 Taxes 195.00 Taxes 195.00 Payment for plant 1,000.00 construction Total cash $307.00 $112.72 $1,114.16 $117.76 $119.20 disbursements Net cash flow -$209.30 $13.17 -$1,013.27 -$218.82 -$12.75 -$11.55 (Receipts - disbursements) 168.82 $40.48 -$53.65 -$1,066.92 -$1,285.74 -$1,298.49 Beginning cash balance -$40.48 -$53.65 -$1,285.74 $1,310.04 Ending cash balance Target (minimum) cash balance -$1,298.49 -168.82 168.82 -168.82 168.82 - 168.82 Surplus (shortfall) $209.30 -$222.47 -$1,454.56 -$1,467.31 -$1,478.86 cash Use the information provided in the budget to complete the following sentences. Conroy Company will be able to invest in short-term marketable securities in some months and will need to borrow to cover cash requirements in others. In the last six months of the year, Conroy will to end the year with a cash of and a cash of Conroy Company will want a credit line of at least to cover the month with the greatest shortfall, and the financial managers can tell the bank to expect that they will be able to invest up to in short-term marketable securities, Conroy's total sales for each month were first calculated in the sales budget and are reflected on the first line of the cash budget. Conroy's sales are made on credit with terms of 2/10, net 30. Conroy's experience is that 25% is collected from customers who take ddvantage of the discount, 65% is collected in the second month, and the last 10% is collected in the third month after the sale. The budget assumes that there are no bad debts. The cost of materials averages 55% of Conroy's finished product. The purchases are generally made one month in advance of the sale, and Conroy pays its suppliers in 30 days. Accordingly, if July sales are forecasted at $110.00 million, then purchases during June would be $60.50 million ($110.00 million x 55%), and this amount would be paid in July Other cash expenses include wages and salaries at 12% of monthly sales, monthly rent of $40.00 million, and other expenses equal to 5% of monthly sales. Estimated tax payments of $195.00 million and $206.00 million are required to be paid on July 15 and October 15, respectively. In addition, a $1,000.00 million payment for a new plant must be made in September. Assume that Conroy's targeted cash balance is $168.82 million, and the estimated cash on hand on July 1 is $168.82 million, Conroy Company ($ millions) Cash Budget May Jun Dec Jul Aug Sep Oct $95.00 $98.00 $100.00 $101.00 $103.00 $105.00 $108.00 $110.00 Credit sales Credit purchases 55.00 56.65 57.75 59.40 60.50 Jul Aug Sep Oct Dec Cash receipts Collections from this $24.75 $25.24 $25.73 $26.46 $26.95 month's sales Collections from 65.00 65.65 66.95 68.25 70.20 previous month's sales 9.80 10.00 Collections from sales 10.10 10.30 10.50 two months previously Total cash receipts $99.55 $100.89 $102.78 $105.01 $107.65 Cash disbursements Payments for credit purchases $55.00 $55.55 $56.65 $59.40 $60.50 12.00 12.12 12.36 12.96 13,20 Wages and salaries Rent 40.00 40.00 40.00 40.00 40.00 Other expenses 5.00 5.05 5.15 5.40 5.50 Taxes 195.00 Taxes 195.00 Payment for plant 1,000.00 construction Total cash $307.00 $112.72 $1,114.16 $117.76 $119.20 disbursements Net cash flow -$209.30 $13.17 -$1,013.27 -$218.82 -$12.75 -$11.55 (Receipts - disbursements) 168.82 $40.48 -$53.65 -$1,066.92 -$1,285.74 -$1,298.49 Beginning cash balance -$40.48 -$53.65 -$1,285.74 $1,310.04 Ending cash balance Target (minimum) cash balance -$1,298.49 -168.82 168.82 -168.82 168.82 - 168.82 Surplus (shortfall) $209.30 -$222.47 -$1,454.56 -$1,467.31 -$1,478.86 cash Use the information provided in the budget to complete the following sentences. Conroy Company will be able to invest in short-term marketable securities in some months and will need to borrow to cover cash requirements in others. In the last six months of the year, Conroy will to end the year with a cash of and a cash of Conroy Company will want a credit line of at least to cover the month with the greatest shortfall, and the financial managers can tell the bank to expect that they will be able to invest up to in short-term marketable securities