Cellular Communications, Inc., is preparing its cash budget for 20X8. Cellular ended 20X7 with…

Cellular Communications, Inc., is preparing its cash budget for 20X8. Cellular ended 20X7 with cash of $81 million, and managers need to keep a cash balance of at least $75 million for operations.

Collections from customers are expected to total $11,284 million during 20X8, and payments for the cost of services and products should reach $6,166 million. Operating expense payments are budgeted at $2,543 million.

During 20X8, Cellular expects to invest $1,825 million in new equipment and sell older assets for $115 million. Debt payments scheduled for 20X8 will total $597 million. The company forecasts net income of $890 million for 20X8 and plans to pay dividends of $338 million.

Prepare Cellular Communications’ cash budget for 20X8. Will the budgeted level of cash receipts leave Cellular with the desired ending cash balance of $75 million, or will the company need additional financing? If so, how much? (pp. 236–237)

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