Acct301 week2

G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=volaunch Week 2: Quiz 2 Baird Medical Clinic has budgeted the following cash flows: January February March Cash receipts $102, 403 $108,060 3128,600 Cash payments For Inventory purchases 73, 608 86,080 10 For SEA expenses 32, 908 33,606 28, 680 points Baird Medical had a cash balance of $9,000 on January 1. The company destres to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, In Increments of $1,000, and repaid on the last day of each month; the Interest rate Is 3 percent per month. Repayments may be made In any amount available. Baird pays Its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance In its line of credit liability account from this year's quarterly results. Required Prepare a cash budget (Round Intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be Indicated with a minus sign. ) Cach Evoyet Fourary March Section 1: Cash Receipts 102,000 $ 192,000 $ 192,000 Loss: Gach receipts 111,000 Total cash available 213,000 192,000 192,000 Section 2: Cash Payments 21,000 Total budgeted disbursements 21,000 D Section 3: Financing Activities 192 000 192,000 192.000 5 192 000 5 192,000 $ 192.000