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The Genesis Energy operations management team is now preparing to implement the operating expansion plan. Previously, the firm’s cash position did not pose a challenge. However, the planned foreign expansion requires Genesis Energy to have a reliable source of funds for both short-term and long-term needs.
One of Genesis Energy’s potential lenders tells the team that in order to be considered as a viable customer, Genesis Energy must prepare and submit a monthly cash budget for the current year and a monthly cash budget for the subsequent year. The lender will review the cash budget and determine whether or not Genesis Energy can meet the loan repayment terms. Genesis Energy’s ability to repay the loan depends not only on sales and expenses but also on how quickly the company can collect payment from customers and how well it manages its supplier terms and other operating expenses. The Genesis Energy team members agreed that being fully prepared with factual data would allow them to maximize their position as well as negotiate favorable financing terms.
The Genesis Energy management team held a brainstorming session to chart a plan of action, which is detailed here.
- Evaluate historical data and prepare assumptions that will drive the planning process.
- Produce a detailed 2 year cash budget that summarizes cash inflow, outflow, and financing needs.
- Identify and compare interest rates, both short-term and long-term, using debt and equity.
- Analyze the financing mix (short/long) and the cost associated with the recommendation.
Since this expansion is critical to Genesis Energy expanding into new overseas markets, the operations management team has been asked to prepare an executive summary with supporting details for Genesis Energy’s senior executives.
Working over a weekend, the management team developed realistic assumptions to construct a working capital budget.
- Sales: The marketing expert and the newly created customer service personnel developed sales projections based on historical data and forecast research. Please use the sales projections provided in the template. See “Download” in item 1 below.
- Other cash receipt: Rental income $15,000 per month for Y1 and 20,000 for Y2.
- Production material: The production manager forecasted material cost based on cost quotes from reliable vendors, the average of which is 45 percent of sales
- Other production cost: Based on historical cost data, this cost on an average is 30 percent of the material cost and occurs in the month after material purchase
- Selling and marketing expense: Six percent of sales
- General and administrative expense: 18 percent of sales
- Interest payments: $10,000—Payable in December Y1 and $0 payable in December Y2.
- Tax payments: $15,000—Quarterly due on 1st of April, July, October, and January
- Minimum cash balance desired: $25,000 per month
- Cash balance start of month (December): $10,000
- Available short-term annual interest rate is 8 percent, long-term debt rate is 9 percent, and long-term equity is 10 percent. All funds would be available the first month when the firm encounters a deficit
- Dividend payment: None
Based on this information, do the following:
- Using the Cash Budget spreadsheet, calculate detailed company cash budgets for the forthcoming and subsequent year. Summarize the sources and uses of cash, and identify the external financing needs for both the forthcoming and subsequent years.
Download this Excel spreadsheet to view the company’s cash budget. You will calculate the company’s monthly cash budget for the forthcoming year and quarterly budget for the subsequent year using this information. - In an executive-level report, summarize the company’s financing needs for the forecast period and provide your recommendations for financing the planned activities. Be sure to comment on the following:
Your recommended financing solution and cost to the firm: If Genesis Energy needs operating cash, how should it fund this need? Are there internal policy changes with regard to collections or payables management you would recommend? What types of external financing are available?
Your concerns associated with the firm’s cash budget. Is this a sign of weak sales performance or poor cost control? Why or why not?
Write a 7-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M3_A2 .
By the due date assigned, deliver your assignment to the
Submissions
Area.
Assignment 2 Grading Criteria Maximum PointsCalculation of a detailed company cash budget for the upcoming year is complete and correct.
All inflow and outflow calculations are correct.
Summary of the sources and uses of cash, and identification of the external financing needs for the upcoming year is complete and correct.48Explanation how the assumed budget of this project will effect dividends for shareholders is clear, specific, and complete. The explanation includes all factors that the firm considers in dividend-decision making.32Recommended financing solution and cost to the firm are clear, complete, and correct. Financing solution includes short-term debt, long-term debt, or even equity.44Explanation of concerns associated with the firm’s cash budget and if it is a sign of weak sales performance or poor cost control is clear, complete, and correct.48Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; and displayed accurate spelling, grammar, and punctuation.28Total:200
Attachments
Submissions
M3,A2
| Module 3, Assignment 2 Template | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Genesis Cash Budget | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year 0 Argosy: Argosy: Note, the percentages used in Year0 may be different from those estimated in the budget | . | Monthly Cash Budget Year 1 | Monthly Cash Budget Year 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Inflow | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales (Reference only) | 300,000 | 350,000 | 400,000 | 450,000 | 550,000 | 600,000 | 700,000 | 750,000 | 500,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Collections on Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10% in month of sale | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 25% in first month after sale | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 35% in second month after sale | 105,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 30% in third month after sale | 90,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Cash Receipts | 12,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cash Inflow | 312,500 | – 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Outflows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material Purchases (Reference only) | 150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment for Material Purchase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 100% in month after purchase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Cash Payments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other production cost 30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| of Material cost paid month | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| after Purchase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling and Marketing Expense | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and Administrative expenses | 60,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Payment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Payment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend Payment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cash Outflows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash Gain/(Loss) | 162,500 | (150,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow Summary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance start of the month | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash Gain/loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance at end of month | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Cash Balance desired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Surplus cash (deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Summary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at start of month | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Financing Required | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| negative amount from cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| surplus (deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Requirement |
Running Head: COST & DECISION MAKING ANALYSIS
Running head: GENESIS ENERGY CASH POSITION ANALYSIS 1
Genesis Energy Cash Position Analysis
Financial Management | B6022-P A01
Module 3, Assignment 2
A brief analysis of Genesis Energy’s cash flow statements shows that the company has strong sales but weak cost control. Apart from the reduced sales revenue in December which could just be as a result of seasonal factors; the company is growing as we show a steady pattern of an increase in monthly sales. However, with only ten percent of sales collected in the month of sale, and the rest of the ninety percent collected in the first, second and third month after sale, it is taking the company an average of over ninety days to collect sales revenue. Late collection on sales indicates ineffective accounts receivable management. The company is operating on a very high days sales outstanding (DSO) or average collection period (ACP), which is the average length of time that the firm must wait after making a sale before receiving cash (Brigham & Ehrhardt, 2010).
In total, when all the sources and uses of cash are netted, Genesis Energy’s cash outflow exceeds its inflow every single month until August. This indicates that for over half the year, the company does not maximize its cash inflows. Downward trends or negative net cash flow from operations almost always indicate problems (Brigham & Ehrhardt, 2010). Full payment to material suppliers and other production costs are being made the month after purchase, even though all the cash from sales are not received for over three months after sales. Although this can be viewed as is a positive element as it shows that the company is meeting its accounts payable obligations on a timely basis, it also indicates ineffective accounts payable management as this will increase external cash requirement. Collecting accounts receivable on a timely manner and negotiating better accounts payable terms will help the company’s cash flow, which may in turn reduce the amount of external financing required and therefore reduced interest payment.
The company’s cash flow summary shows that external financing in the region of $450,000 to $550,000 will be required for the first eighteen months and this amount will increase from the third quarter of the subsequent year to $2,400,000. As mentioned above, external financing can be reduced by negotiating better accounts payable terms and collecting accounts receivable on a timely manner. Since the company may require financing for over a year, long term financing is recommended. Capital borrowed for a period longer than one year is classified as long term financing. This can take the form of debt financing like loans and bonds, which involves repaying borrowed funds plus interest at a predetermined time in the future, or equity financing, which involves giving up a portion of the ownership of the business in exchange for the capital raised in form of common or preferred stock. The company’s cash flow analysis shows that interest of $75,000 is paid every year which indicates that Genesis Energy has an existing loan. Equity financing has several advantages. For example, unlike debt financing which involves loans with interest repayment, there is no obligation to pay dividends to shareholders and there is no fixed maturity. Therefore Genesis Energy can raise capital by issuing new shares, or by retaining and reinvesting earnings. Rather than distribute earnings to its shareholders, earnings can be reinvested as capital. The interest of $75,000 paid in December will be eliminated with equity financing.
Bearing in mind the financial stress Genesis Energy is undergoing, it is very unlikely that dividends are going to be paid to shareholders in the very near future. The company does not currently have enough working capital which means that earnings will be affected.
Comparing the estimated external financing that will be required of $550,000 within the first eighteen months, and $2,400,000 long term, because of the added benefits, it will be beneficial for Genesis Energy to seek long term financing at 9% or equity at 10%. Since the interest rate difference is only 1%.
Reference
Brigham, E. F., & Ehrhardt, M. C. (2010). Financial Management: Theory and Practice, 13e,
13th Edition. [VitalSource Bookshelf version]. Retrieved from http://digitalbookshelf.argosy.edu/books/1111894922/id/ch03lev1sec1
Financing Options
Short TermLong TermEquity
Interest Rate8%9%10%
External Financing
550,000 44,000 49,500 55,000
2,400,000 192,000 216,000 240,000
Annual Interest
Genesis Cash Budget ($000)
DecJanFebMarchAprilMayJuneJulyAugSeptOctNovDecMarchJuneSeptDec
Cash Inflow
Sales (Reference only)
300,000 200,000 350,000 400,000 500,000 550,000 700,000 700,000 650,000 900,000 850,000 750,000 500,000 150,000 190,000 3,000,000 2,400,000
Cash Collections on Sales
10% in month of sale
30,000 20,000 35,000 40,000 50,000 55,000 70,000 70,000 65,000 90,000 85,000 75,000 50,000 15,000 19,000 300,000 240,000
25% in first month after sale
– 75,000 50,000 87,500 100,000 125,000 137,500 175,000 175,000 162,500 225,000 212,500 187,500 125,000 37,500 47,500 750,000
35% in second month after sale
– – 105,000 70,000 122,500 140,000 175,000 192,500 245,000 245,000 227,500 315,000 297,500 262,500 175,000 52,500 66,500
30% in third month after sale
– – – 90,000 60,000 105,000 120,000 150,000 165,000 210,000 210,000 195,000 270,000 255,000 225,000 150,000 45,000
Other Cash Receipts (Rental Income)
15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total Cash Inflow
45,000 110,000 205,000 302,500 347,500 440,000 517,500 602,500 665,000 722,500 762,500 812,500 820,000 672,500 471,500 565,000 1,116,500
Cash Outflows
Material Purchases (reference only)
150,000 100,000 175,000 200,000 250,000 275,000 350,000 350,000 325,000 450,000 425,000 375,000 250,000 75,000 95,000 1,500,000 1,200,000
Payment for Material Purchase
100% in month after purchase
– 150,000 100,000 175,000 200,000 250,000 275,000 350,000 350,000 325,000 450,000 425,000 375,000 250,000 75,000 95,000 1,500,000
Other Cash Payments
Other production cost 30%
of Material cost paid month
after Purchase
– 45,000 30,000 52,500 60,000 75,000 82,500 105,000 105,000 97,500 135,000 127,500 112,500 75,000 22,500 28,500 450,000
Selling and Marketing Expense – 5% of Sales
15,000 10,000 17,500 20,000 25,000 27,500 35,000 35,000 32,500 45,000 42,500 37,500 25,000 7,500 9,500 150,000 120,000
General and Adminstrative expenses 20% of Sales
60,000 40,000 70,000 80,000 100,000 110,000 140,000 140,000 130,000 180,000 170,000 150,000 100,000 30,000 38,000 600,000 480,000
Interest Payment
75,000 – – – – – – – – – – – 75,000 – – – 75,000
Tax Payment
– 15,000 – – 15,000 – – 15,000 – – 15,000 – – 15,000 15,000 15,000 15,000
Dividend Payment
– – – – – – – – – – – – – – – – –
Total Cash Outlfows
150,000 260,000 217,500 327,500 400,000 462,500 532,500 645,000 617,500 647,500 812,500 740,000 687,500 377,500 160,000 888,500 2,640,000
Net Cash Gain/(Loss)
Cash Flow Summary
Cash Balance start of the month
15,000 – 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Net Cash Gain/loss
(105,000) (150,000) (12,500) (25,000) (52,500) (22,500) (15,000) (42,500) 47,500 75,000 (50,000) 72,500 132,500 295,000 311,500 (323,500) (1,523,500)
Cash Balance at end of month
(90,000) (150,000) 12,500 – (27,500) 2,500 10,000 (17,500) 72,500 100,000 (25,000) 97,500 157,500 320,000 336,500 (298,500) (1,498,500)
Minium cash Balance desired
Surplus cash (deficit)
(25,000) (25,000) (12,500) (25,000) (25,000) (22,500) (15,000) (25,000) – – (25,000) – – – – (25,000) (25,000)
External Financing Summary
External Financing Balance
at start of month
15,000 (115,000) (290,000) (302,500) (327,500) (380,000) (402,500) (417,500) (460,000) (460,000) (460,000) (510,000) (510,000) (510,000) (510,000) (510,000) (833,500)
New Financing Required
(negative amount from cash
suplus (deficit)
(25,000) (25,000) (12,500) (25,000) (25,000) (22,500) (15,000) (25,000) – – (25,000) – – – – (25,000) (25,000)
External Financing Requirement
(115,000) (175,000) (12,500) (25,000) (52,500) (22,500) (15,000) (42,500) – – (50,000) – – – – (323,500) (1,523,500)
External Financing Balance
(115,000) (290,000) (302,500) (327,500) (380,000) (402,500) (417,500) (460,000) (460,000) (460,000) (510,000) (510,000) (510,000) (510,000) (510,000) (833,500) (2,357,000)
Monthly BudgetQuarterly Budget
M3,A2
| Module 3, Assignment 2 Template | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Genesis Cash Budget | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year 0 Argosy: Argosy: Note, the percentages used in Year0 may be different from those estimated in the budget | . | Monthly Cash Budget Year 1 | Monthly Cash Budget Year 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Inflow | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales (Reference only) | 300,000 | 3 | 50,000 | 400,000 | 450,000 | 550,000 | 600,000 | 700,000 | 750,000 | 500,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Collections on Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10% in month of sale | 30,000 | 35,000 | 40,000 | 45,000 | 55,000 | 60,000 | 70,000 | 75,000 | 80,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 25% in first month after sale | 87,500 | 100,000 | 1 | 12,500 | 1 | 37,500 | 150,000 | 175,000 | 187,500 | 1 | 25,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 35% in second month after sale | 105,000 | 122,500 | 140,000 | 157,500 | 192,500 | 2 | 10,000 | 245,000 | 262,500 | 280,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 30% in third month after sale | 90,000 | 1 | 20,000 | 135,000 | 165,000 | 180,000 | 225,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Cash Receipts | 15,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cash Inflow | 312,500 | 320,000 | 332,500 | 355,000 | 3 | 82,500 | 390,000 | 385,000 | 372,500 | 395,000 | 475,000 | 562,500 | 640,000 | 687,500 | 697,500 | 642,500 | 517,500 | 485,000 | 492,500 | 527,500 | 587,500 | 662,500 | 742,500 | 785,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Outflows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material Purchases (Reference only) | 202,500 | 247,500 | 270,000 | 315,000 | 337,500 | 360,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment for Material Purchase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 100% in month after purchase | – 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Cash Payments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other production cost 30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| of Material cost paid month | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| after Purchase | 47,250 | 54,000 | 40,500 | 60,750 | 74,250 | 81,000 | 94,500 | 101,250 | 67,500 | 108,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling and Marketing Expense | 21,000 | 24,000 | 18,000 | 27,000 | 33,000 | 36,000 | 42,000 | 48,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and Administrative expenses | 63,000 | 72,000 | 99,000 | 1 | 26,000 | 144,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Payment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Payment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend Payment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cash Outflows | 294,000 | 288,750 | 300,750 | 345,000 | 306,000 | 259,500 | 327,750 | 395,250 | 465,750 | 534,000 | 589,500 | 592,750 | 498,000 | 441,750 | 400,500 | 371,250 | 383,250 | 424,500 | 531,000 | 630,750 | 660,000 | 612,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash Gain/(Loss) | 162,500 | 43,750 | 54,250 | 84,000 | 125,500 | 44,750 | (250) | 9,250 | 28,500 | 50,500 | 94,750 | 199,500 | 200,750 | 162,000 | 146,250 | 113,750 | 91,750 | 68,000 | 61,750 | 56,500 | 31,750 | 173,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow Summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance start of the month | 172,500 | 198,500 | 242,250 | 296,500 | 334,000 | 418,000 | 543,500 | 588,250 | 588,000 | 597,250 | 625,750 | 676,250 | 771,000 | 970,500 | 1,171,250 | 1,333,250 | 1,479,500 | 1,593,250 | 1,685,000 | 1,753,000 | 1,814,750 | 1,871,250 | 1,903,000 | 1,985,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash Gain/loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance at end of month | 2,158,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Cash Balance desired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Surplus cash (deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at start of month | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Financing Required | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| negative amount from cash | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| surplus (deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| External Financing Requirement |
