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【正文】 sh budget? ?Collections would be reduced by the amount of the bad debt losses. ?For example, if the firm had 3% bad debt losses, collections would total only 97% of sales. ?Lower collections would lead to higher borrowing requirements. 16 21 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What are some other potential cash inflows besides collections? ?Proceeds from the sale of fixed assets. ?Proceeds from stock and bond sales. ?Interest earned. ?Court settlements. 16 19 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Cash Budget (Continued) January February Cash at start if no borrowing $ 3, $16, Net CF (slide 15) 13, 18, Cumulative cash $16, $35, Less: target cash 1, 1, Surplus $15, $33, 16 17 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Data Required for Cash Budget 1. Sales forecast. 2. Information on collections delay. 3. Forecast of purchases and payment terms. 4. Forecast of cash expenses, taxes, etc. 5. Initial cash on hand. 6. Target cash balance. 16 15 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?If a firm with 4 days of float writes and receives $1 million of checks per day, it would be able to operate with $4 million less capital than if it had zero float. 16 13 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Increase forecast accuracy to reduce need for “safety stock” of cash. ?Hold marketable securities (also reduces need for “safety stock”). ?Negotiate a line of credit (also reduces need for “safety stock”). 16 11 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What’s the goal of cash management? ?To meet above objectives, especially to have cash for transactions, yet not have any excess cash. ?To minimize transactions balances in particular, and also needs for cash to meet other objectives. 16 9 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Cash Conversion Cycle CCC = + – CCC = +
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