1. Jane McDonald, a financial analyst for Carroll Company, has prepared the following sales and cash disbursement estimates for the period FebruaryJune of the current year. McDonald notes that historically, 30% of sales have been for cash. Of credit sales, 70% are collected 1 month after the sale, and the remaining 30% are collected 2 months after the sale. The firm wishes to maintain a minimum ending balance in its cash account of $25. Balances above this amount would be invested in short-term government securities (marketable securities), whereas any deficits would be financed through short-term bank borrowing (notes payable). The beginning cash balance at April 1 is $115.a. Prepare cash budgets for April, May, and June.b. How much financing, if any, at a maximum would Carroll Company require to meet its obligations during this 3-month period?
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