) Dan Davis, the chief financial officer, is responsible for The Furniture Mart’s cash budget for…

) Dan Davis, the chief financial officer, is responsible for The Furniture Mart’s cash budget for 20X6. The budget will help Davis determine the amount of long-term borrowing needed to end the year with a cash balance of $150 thousand. Davis’s assistants have assembled budget data for 20X6, which the computer printed in alphabetical order. Not all the data items reproduced below are used in preparing the cash budget.

❙ Required

1. Prepare the cash budget of The Furniture Mart, Inc., for 20X6. (p. 236)

2. Compute The Furniture Mart’s budgeted current ratio and debt ratio at December 31, 20X6. Based on these ratio values, and on the cash budget, would you lend $100 thousand to The Furniture Mart? Give the reason for your decision.

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