2052 ACC-102-001 Gordon Parker Lipton & | 04/17/20 11:39 AM Save Homework: Coronavirus Assignment Score: 0 of 1 pt CP22-57 (similar to) 6 of 10 (5 complete) HW Score: 38.1%, 3.81 of 10 pts Question Help Assume Pentucket Computer Company began January with $20,000 cash. Management forecasts the following cash receipts and payments during the period: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare Pentucket Computer Company's cash budget for January and February, 2020. Begin by completing the January cash budget, then complete the February cash budget. (Complete all answer boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency, principal repayments, and/or a net repayment on financing with a minus sign or parentheses. Assume there is no debt at the beginning of January.) i More Info Pentucket Computer Company Cash Budget Two Months Ended February 28, 2020 January Beginning cash balance Management forecasts that cash receipts from credit customers will be $53,000 in January and $54,500 in February. Projected cash payments include equipment purchases ($19,000 in January and $35,000 in February) and selling and administrative expenses ($5,000 each month). Cash receipts Cash available Cash payments: Capital expenditures Selling and administrative expenses Pentucket Computer Company's bank requires a $24,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below $24,000, the bank automatically extends credit to the firm in multiples of $5,000. Pentucket Computer Company borrows as little as possible and pays back loans each month in $1,000 increments, plus 4% interest on the entire unpaid principal. The first payment occurs one month after the loan. Interest expense Print Done Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) i Requirements Financing: Enter any number in the edit fields and then click Check Answer. 1. Prepare Pentucket Computer Company's cash budget for January and February, 2020. 2. How much cash will Pentucket Computer Company borrow in February if cash receipts from customers that month total $49,500 instead of $54,500? e parts remaining Check