Kenneth Austin, chief financial officer of ReMax Wireless, is responsible for the company’s…

Kenneth Austin, chief financial officer of ReMax Wireless, is responsible for the company’s budgeting process. Austin’s staff is preparing the ReMax cash budget for 20X7. A key input to the budgeting process is last year’s statement of cash flows, which follows (amount in thousands):

❙ Required

1. Prepare the ReMax Wireless cash budget for 20X7. Date the budget simply “20X7” and denote the beginning and ending cash balances as “beginning” and “ending.” Assume the company expects 20X7 to be the same as 20X6, but with the following changes: (pp. 236–237)

a. In 20X7, the company expects a 15% increase in collections from customers and a 20% increase in purchases of inventory.

b. There will be no sales of investments in 20X7.

c. ReMax plans to issue no stock in 20X7.

d. ReMax plans to end the year with a cash balance of $2,000 thousand.

2. Does the company’s cash budget for 20X7 suggest that ReMax is growing, holding steady, or decreasing in size? (Challenge)

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