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3-12
Cash Budget -- Sensitvity Analysis
October November
Pessimistic Most Likely Optimistic Pessimistic Most Likely Optimistic
Total Cash Receipts 260.00 342.00 462.00 200.00 287.00 366
Total Cash Disbursements 285.00 326.00 421.00 203.00 261.00 313
Net Cash Flows (25.00) 16.00 41.00 (3.00) 26.00 53
Beginning Cash (20.00) (20.00) (20.00) (45.00) (4.00) 21
Ending Cash (45.00) (4.00) 21.00 (48.00) 22.00 74
Minimum Cash Balance 18 18 18 18 18
Financing 63.00 22.00 66.00
Excess Cash-- MMP 3.00 4.00 56
Pessimistic
Play/ Sandbox:
Cash Beginning, with Notes Paya (20.00) 18.00 18.00
Net Cash flows (25.00) (3.00) (96.00)
Add; Notes Payable 63.00 3.00 96.00 162.00 checkMMP
Less: Money Market Placements
Cash Ending, with notes Payable 18.00 18.00 18.00
Most likely
Play/ Sandbox: -- Scenario 1
Cash Beginning, with Notes Paya (20.00) 18.00 18.00
Net Cash flows 16.00 26.00 (38.00)
Add; Notes Payable 22.00 38.00
MMP
Less: Money Market Placements 26.00
Cash Ending, with notes Payable 18.00 18.00 18.00
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Most likely
Play/ Sandbox: -- Scenario 2
Cash Beginning, with Notes Paya (20.00) 18.00 18.00
Net Cash flows 16.00 26.00 (38.00)
Add; Notes Payable 22.00 (22.00) 34.00 check
MMP 4.00
Less: Money Market Placements 4.00
Cash Ending, with notes Payable 18.00 18.00 18.00
Optimistic
Play/ Sandbox:
Cash Beginning, with Notes Paya (20.00) 18.00 18.00
Net Cash flows 41.00 53.00 38.00
Add; Notes Payable
MMP
Less: Money Market Placeme 3.00 53.00 38.00 94.00 check
Cash Ending, with notes Payable 18.00 18.00 18.00
3-13 Multiple Cash Budgets -- Brownstein -- Sensitivity Analysis
Base Case/ Most Likely1 2 3
Cash Receipts
Sales 100,000 100,000 100,000
Asset Sale 8,000
100,000 100,000 108,000
Cash Disbursements
Purchases 60,000 60,000 60,000
Salaries and Wages
Fixed 10,000 10,000 10,000
Variable 5% 5,000 5,000 5,000
Tax 20,000
CAPEX 15,000
95,000 90,000 75,000
Net Cash flows 5,000 10,000 33,000
Beginning Cash Balance 0 5,000 15,000
Ending Cash balance 5,000 15,000 48,000
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Worst Case/ Pessimistic1 2 3
Cash ReceiptsSales 80,000 80,000 80,000
Asset Sale 8,000
80,000 80,000 88,000
Cash Disbursements
Purchases 60,000 60,000 60,000
Salaries and Wages
Fixed 10,000 10,000 10,000
Variable 5% 4,000 4,000 4,000
Tax 20,000
CAPEX 15,000
94,000 89,000 74,000
Net Cash flows (14,000) (9,000) 14,000
Beginning Cash Balance 0 (14,000) (23,000)
Ending Cash balance (14,000) (23,000) (9,000)
To further analyze, apply the Sandbox./ play model
Play/ Sandbox: Assume minimum cash balance of 5
Cash Beginning, with Notes Payable and Placement 0.00 5,000 5,000
Net Cash flows (14,000) (9,000) 14,000
Add; Notes Payable 19,000 9,000 (14,000)
MMP
Less: Money Market Placements 0
Cash Ending, with notes Payable and Placement 5,000 5,000 5,000
Best Case/ Optomistic1 2 3
Cash Receipts
Sales 120,000 120,000 120,000
Asset Sale 8,000
120,000 120,000 128,000
Cash Disbursements
Purchases 60,000 60,000 60,000
Salaries and Wages
Fixed 10,000 10,000 10,000
Variable 5% 6,000 6,000 6,000
Tax 20,000
CAPEX 15,000
96,000 91,000 76,000
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Play/ Sandbox: Assume minimum cash balance of 5
Cash Beginning, with Notes Payable and Placement 0.00 5,000 5,000
Net Cash flows 24,000 29,000 52,000
Add; Notes PayableMMP
Less: Money Market Placements 19,000 29,000 52,000 100,000
Cash Ending, with notes Payable and Placement 5,000 5,000 5,000
Pro- forma Income Statement:
cost of goods sold
operating expenses
interest expense
as Percentage of Projected sales. This technique assumes that all costs are variable costs.
The weakness of this approach is that net profit may be overstated for firms with high fixed costs
and understated for firms with low fixed costs. The strength of this approach is the ease of calculation.
ST 3-3 Euro Designs
Pro-forma Income Statement
Euro Designs, Inc.
Income Statement
For the Year Ended December 31, 2004
Sales Revenue 3,900,000.00
Less: COGS 2,145,000.00 55%
Gross Profit 1,755,000.00
Less: Operating Expenses 468,000.00 12%
Operating Profits 1,287,000.00
Less: Interest Expense 325,000.00
Net Income Before Taxes 962,000.00
Less Taxes 384,800.00 40%
Net Profits After Taxes 577,200.00
Less Cash Dividends 320,000.00
Net Income to RE 257,200.00
Percentage of sales method --- the finance manager begins with sales forecasts and uses values for
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ST 3-14 Metroline Manufacturing
Pro-forma Income Statement Percentage of Sales Method
Euro Designs, Inc.
Income StatementFor the Year Ended December 31, 2004
Sales Revenue 1,500,000.00
Less: COGS 975,000.00 65%
Gross Profit 525,000.00
Less: Operating Expenses 129,000.00 8.60%
Operating Profits 396,000.00
Less: Interest Expense 35,000.00
Net Income Before Taxes 361,000.00
Less Taxes 144,400.00 40%
Net Profits After Taxes 216,600.00
Less Cash Dividends 70,000.00
Net Income to RE 146,600.00 check
Pro-forma Income Statement Fixed and Variable Costs identified
Euro Designs, Inc.
Income Statement
For the Year Ended December 31, 2004
Sales Revenue 1,500,000.00 Cost of Goods Sold Schedule
Fixed 210,000.
Less: COGS 960,000.00 Variable 750,000.
960,000.
Gross Profit 540,000.00
Less: Operating Expenses 126,000.00 Operating Expenses Schedule
Fixed 36,000.
Operating Profits 414,000.00 Variable 90,000.
126,000.
Less: Interest Expense 35,000.00
Net Income Before Taxes 379,000.00
Less Taxes 151,600.00 40%
Net Profits After Taxes 227,400.00
Less Cash Dividends 70,000.00
Net Income to RE 157,400.00 check
while calculating others. This method assumes that values of variables such as cash, accounts receiv
and inventory can be forced to take on certain values rather than occur as a natural flow of
Judgmental Approach is used to develop pro-forma balance sheet by estimating some balance shee
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Proforma Balance Sheet
Leonard Industries
Balance Sheet
December 31, 2003
Assets Liabilities and Stockholders
Cash 50,000.00 Accounts Payable
Marketable Securities 15,000.00 Accruals
Accounts Receivables 300,000.00 Other Current Liabilities
Inventories 360,000.00
total Current Assets 725,000.00 total curre
Net Fixed Assets 658,000.00 Long term debt
Total Assets 1,383,000.00 Common Stock
Retained Earnings
Additional financing need
Total Liabilties and Stockho
check
Assumptions
Sales 3,000,000.00 Total Assets
Total L & SHE
Accounts Receivable 300,000.00 10%
AFN
Inventories 360,000.00 12%
Machine 90,000.00
Accounts Payable 420,000.00 14%
Net Profit Margin 120,000.00 4%
Dividends 70,000.00
Net Fixed Assets
Beginning 600,000.00
Plus new 90,000.00
Total 690,000.00
Less; Depreciation 32,000.00
Ending 658,000.00
Retained Earnings, beginning 220,000.00
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ST 3-2
Carroll Company
February March
Cash Receipts 150.00 425.00
Bank Notes
Cash Disbursements 400.00 300.00
Net Cashflows (250.00) 125.00
Beginning Cash balance (250.00)
Ending Cash Balance (250.00) (125.00)
Minimum Cash Balance
Excess Cash Balance for Placement
Financing Required Notes payable
Cash Receipts Assumptions:
February March
Sales Forecast 500.00 600.00
Collection Forecast
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Cash Sales 30% 150.00 180.00
Receivable Collection 70% 350.00 420.00
70% 245
30%
Receivable Collection 0 245
Total Receipts 150.00 425.00
Accounts Receivable ScheduleBeginning Receivable 350.00
Add: New 420.00
Total 770.00
Less: Collection 245.00Ending Receivable 350.00 525.00
Play/ Sandbox
Cash Beginning, with Notes Payable and Placement
Net Cash flows
Add; Notes Payable
MMP
Less: Money Market Placements
Cash Ending, with notes Payable and Placement 115
Carroll CompanyPro-forma Balance Sheet
Cash 25.00
Marketable Securities 42.00
Accounts Receivable 182.00
Notes payable 109.00
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Cash Receipts
3-7' Actual
April May June
Sales 65,000.00 60,000.00 70,000.00
Cash Sales 50% 32,500.00 30,000.00 35,000.00
Accounts Receivable 50% 32,500.00 30,000.00 35,000.00
Collection Matrix
1st month 50% 16,250.00 15,000.00
2nd month 16,250.00
AR Collection 0.00 16,250.00 31,250.00
Cash Receipts 32,500.00 46,250.00 66,250.00
Cash Disbursements
3-8'
February March April
Sales 500,000.00 500,000.00 560,000.00
Purchases 60% 300,000.00 336,000.00 366,000.00
Payment Mode
Cash Payment 10% 30,000.00 33,600.00 36,600.00
After 1 month 50% 150,000.00 168,000.00
After 2 months 40% 120,000.00
Total Payment - Purchases 30,000.00 183,600.00 324,600.00
Rent 8,000.00 8,000.00 8,000.00
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Wages and Salaries
Fixed 6,000.00 6,000.00 6,000.00
Variable 7% 35,000.00 35,000.00 39,200.00
Total 41,000.00 41,000.00 45,200.00
Taxes
CAPEX 75,000.00
Interest
Cash Dividends 12,500.00
Total Cash Disbursements 79,000.00 232,600.00 465,300.00
check
Cash Budget -- Basic
3-8' Actual
March April May
Sales 50,000.00 60,000.00 70,000.00
Cash Sales 20% 10,000.00 12,000.00 14,000.00
Receivable for collection
after 1 month 60% 30,000.00 36,000.00
after 2 months 20% 10,000.00
Collected receivables 0.00 30,000.00 46,000.00
Other Income 2,000.00 2,000.00 2,000.00
Notes/MMP
Total Cash Receipts 12,000.00 44,000.00 62,000.00
Actual
March April May
Cash Disbursements
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Purchases 50,000.00
Rent 3,000.00 3,000.00 3,000.00
Wages and Salaries 10% 5,000.00 6,000.00
Dividends
Principal and Interest
CAPEX
Taxes
Total Cash Disbursements 3,000.00 8,000.00 59,000.00
Net Cashflows 9,000.00 36,000.00 3,000.00
Beginning Cash Balance 5,000.00
Ending Cash Balance 8,000.00
Minimum cash balance 5,000.00
Excess Cash -- Placement 3,000.00
Notes Payable from the bank
Play/ Sandbox:
Cash Beginning, with Notes Payable and Placement 5,000.00
Net Cash flows 3,000.00
Add; Notes Payable
MMP
Less: Money Market Placements 3,000.00Cash Ending, with notes Payable and Placement 5,000.00
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Cash Budget -- Advanced Xenocore, Inc3-9'
2003
September October November
Sales 210,000.00 250,000.00 170,000.00
Purchases 120,000.00 150,000.00 140,000.00
Cash Receipts
Cash Sales 20% 42,000.00 50,000.00 34,000.00
Receivable Collection
after 1st month 40% 84,000.00 100,000.00
after 2nd month 40% 84,000.00
Total 42,000.00 134,000.00 218,000.00
Other Cash Receipts 12,000.00
MMP/ Financing
Total Cash Receipts 54,000.00 134,000.00 218,000.00
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Cash Disbursements
Purchases -Cash 10% 12,000.00 15,000.00 14,000.00
Payable Balance
After 1 month 50% 60,000.00 75,000.00
After 2 months 40% 48,000.00
Total Purchases paid 12,000.00 75,000.00 137,000.00
Wages and Salaries 20% 42,000.00 50,000.00
Rent 20,000.00 20,000.00 20,000.00
Interest
Principal Payment
Dividends
Taxes
CAPEX
Placements 0.00
Total Cash Disbursements 32,000.00 137,000.00 207,000.00
Net Cash Flows 22,000.00 (3,000.00) 11,000.00
Beginning Cash Balance 22,000.00
Ending Cash Balance 22,000.00 33,000.00
B. Maintainign Balance 15,000.00
Excess Cash -- Money Market Placements 18,000.00
Financing Required-- Notes Payable
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Play/ Sandbox:
Cash Beginning, with Notes Payable and Placement 22,000.00
Net Cash flows 11,000.00
Add; Notes PayableMMP
Less: Money Market Placements 18,000.00
Cash Ending, with notes Payable and Placement 15,000.00
3-12
Cash Budget -- Sensitvity Analysis
October
Pessimis Most Likely Optimistic Pessimistic
Total Cash Receipts ### 342.00 462.00 200.00
Total Cash Disbursements ### 326.00 421.00 203.00
Net Cash Flows ### 16.00 41.00 (3.00)
Beginning Cash ### (20.00) (20.00) (45.00)
Ending Cash ### (4.00) 21.00 (48.00)
Minimum Cash Balance 18 18 18 18
Financing ### 22.00 66.00
Excess Cash-- MMP 3.00
Pessimistic
Play/ Sandbox:
Cash Beginning, with Notes Payable ### 18.00 18.00
Net Cash flows ### (3.00) (96.00)
Add; Notes Payable ### 3.00 96.00
MMP
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Less: Money Market Placements
Cash Ending, with notes Payable an ### 18.00 18.00
Most likely
Play/ Sandbox:
Cash Beginning, with Notes Payable ### 18.00 18.00
Net Cash flows ### 26.00 (38.00)
Add; Notes Payable ### 38.00
MMP
Less: Money Market Placements 26.00
Cash Ending, with notes Payable an ### 18.00 18.00
Optimistic
Play/ Sandbox:
Cash Beginning, with Notes Payable ### 18.00 18.00
Net Cash flows ### 53.00 38.00Add; Notes Payable
MMP
Less: Money Market Placements 3.00 53.00 38.00
Cash Ending, with notes Payable an ### 18.00 18.00
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Forecast
April May June
519.00 382.00 242.00
600.00 500.00 200.00
(81.00) (118.00) 42.00
115.00 34.00 (84.00)
34.00 (84.00) (42.00)
25.00 25.00 25.00
9.00
109.00 67.00 ???????
April May June July August
400.00 200.00 200.00
Do w
need t
this
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120.00 60.00 60.00
280.00 140.00 140.00 140.00
294 196 98
105 126 84 42182.00
399 322 182
519.00 382.00 242.00
525.00 406.00 224.00
280.00 140.00 140.00
805.00 546.00 364.00
399.00 322.00 182.00406.00 224.00 182.00
115.00 25.00 25.00
(81.00) (118.00) 42.00
109.00
9.00
9.00 42.00
25.00 25.00 25.00
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FORECAST
July August
100,000.00 100,000.00
50,000.00 50,000.00
50,000.00 50,000.00
17,500.00 25,000.00
15,000.00 17,500.00
32,500.00 42,500.00
82,500.00 92,500.00 check
Forecast
May June July
610,000.00 650,000.00 650,000.00
390,000.00 390,000.00 0.00
39,000.00 39,000.00 0.00
183,000.00 195,000.00 195,000.00
134,400.00 146,400.00 156,000.00
356,400.00 380,400.00 351,000.00
8,000.00 8,000.00 8,000.00
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6,000.00 6,000.00 6,000.00
42,700.00 45,500.00 45,500.00
48,700.00 51,500.00 51,500.00
54,500.00
30,000.00
413,100.00 524,400.00 410,500.00
check check
Forecast
June July
80,000.00 100,000.00
16,000.00 20,000.00
42,000.00 48,000.00
12,000.00 14,000.00
54,000.00 62,000.00
2,000.00 2,000.00
0.00 0.00
72,000.00 84,000.00 check
Forecast
June July
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70,000.00 80,000.00
3,000.00 3,000.00
7,000.00 8,000.00
3,000.00
4,000.00
6,000.00
6,000.00
93,000.00 97,000.00 check
(21,000.00) (13,000.00) check
8,000.00 (13,000.00)
(13,000.00) (26,000.00)
5,000.00 5,000.00
18,000.00 31,000.00
5,000.00 5,000.00
(21,000.00) (13,000.00)
18,000.00 13,000.00
3,000.00
5,000.00 5,000.00 0.00
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2004
December January February March April
160,000.00 140,000.00 180,000.00 200,000.00 250,000.00
100,000.00 80,000.00 110,000.00 100,000.00 90,000.00
32,000.00 28,000.00 36,000.00 40,000.00 50,000.00
68,000.00 64,000.00 56,000.00 72,000.00 80,000.00
100,000.00 68,000.00 64,000.00 56,000.00 72,000.00
200,000.00 160,000.00 156,000.00 168,000.00 202,000.00
15,000.00 27,000.00 15,000.00 12,000.00
0.00 0.00 0.00
200,000.00 175,000.00 183,000.00 183,000.00 214,000.00 check
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10,000.00 8,000.00 11,000.00 10,000.00 9,000.00 check
70,000.00 50,000.00 40,000.00 55,000.00 50,000.00 check
60,000.00 56,000.00 40,000.00 32,000.00 44,000.00 +
140,000.00 114,000.00 91,000.00 97,000.00 103,000.00
34,000.00 32,000.00 28,000.00 36,000.00 40,000.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
10,000.00 10,000.00
30,000.00
20,000.00 20,000.00
80,000.00
25,000.00
0.00 0.00
219,000.00 196,000.00 139,000.00 153,000.00 303,000.00 check
(19,000.00) (21,000.00) 44,000.00 30,000.00 (89,000.00) check
33,000.00 14,000.00 (7,000.00) 37,000.00 67,000.00
14,000.00 (7,000.00) 37,000.00 67,000.00 (22,000.00) check
15,000.00 15,000.00 15,000.00 15,000.00 15,000.00
22,000.00 52,000.00
1,000.00 22,000.00 37,000.00
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15,000.00 15,000.00 15,000.00 15,000.00 15,000.00
(19,000.00) (21,000.00) 44,000.00 30,000.00 (89,000.00)
1,000.00 21,000.0018,000.00 92,000.00
44,000.00 30,000.00 3,000.00
15,000.00 15,000.00 15,000.00 15,000.00 15,000.00
November December
Most Likely Optimistic Pessimistic Most Likely Optimistic
287.00 366.00 191.00 294.00 353.00
261.00 313.00 287.00 332.00 315.00
26.00 53.00 (96.00) (38.00) 38.00
(4.00) 21.00 (48.00) 22.00 74.00
22.00 74.00 (144.00) (16.00) 112.00
18 18 18 18 18
162.00 34.00
4.00 56.00 94.00
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
66/95
94.00
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
67/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
68/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
69/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
70/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
71/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
72/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
73/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
74/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
75/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
76/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
77/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
78/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
79/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
80/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
81/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
82/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
83/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
84/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
85/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
86/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
87/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
88/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
89/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
90/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
91/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
92/95
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
93/95
do you really need ths much financing/credit?
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
94/95
withdraw the money market placements to finance the cash short fall
8/7/2019 Financial Planning - Cash and Fin Forecast Up to Exer. 3-8
95/95
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