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This answer does not include the beginning cash balance. See the correct answer for a complete explanation.
This answer does not include the ending cash balance. See the correct answer for a complete explanation.
First, we need to determine the amount of purchases during the quarter. Beginning merchandise inventory level is $150,000 and ending merchandise inventory is $250,000. The cost of sales expected to be made during the quarter is $180,000 ($300,000 in sales × 60%). Thus, the purchases are equal to $280,000 ($180,000 cost of sales + $250,000 ending inventory ? $150,000 beginning inventory). Now we can determine the amount of financing the company will need during the quarter. It is equal to Purchases + Expenses + Ending cash balance ? Beginning cash balance ? Proceeds from sales. We get: $280,000 + $50,000 + $20,000 ? $10,000 ? $300,000 = $40,000.
This answer does not include the beginning or ending cash balance. See the correct answer for a complete explanation.