Howard Services, Inc., has $8,400 cash on hand on December 1. The company requires a minimum cash balance of $7,600. December cash collections are $548,570. Total cash payments for December are $581,520. Prepare a cash budget for December. How much cash, if any, will Howard need to borrow by the end of December? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Howard Services, Inc. Combined Cash Budget For the Month Ended December 31 Beginning cash balance n Plus: Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency)

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…