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Product Description
Manchester Auditoriums Inc . provides the venue for many performers and talent companies touring the Southern New Hampshire region . Kathleen Johnson , treasurer of Manchester Auditoriums , needs to prepare a loan request to the Granite Cooperative Bank to meet the cash needs for the upcoming year which begins on January 1 , 2015 . Manchester Auditoriums has become a premier venue in the area and has grown considerably in the last few years . Below are the latest balance sheet and income statement for the year that just ended on December 31 , 2014 .
Required :
1 . Prepare a cash budget by quarter for 2015 using the provided template . Will Manchester keep their projected borrowing needs in line with the $ 1 million line of credit they are asking the bank for ?
2 . As we see in the budgeted assumptions , Manchester wants to improve its cash flow by concentrating on collecting receivables sooner in the second half of 2015 . What else can Manchester do to improve its cash flow ?
3 . Prepare a projected income statement and balance sheet for 2015 .
4 . Manchester ' s goal is to have return on sales of 8 % in 2015 . Based on the projected income statement calculated for 2015 will Manchester achieve this goal ? What are some things Manchester can do to improve its return on sales ?