Auto Parts, a family-owned auto parts store, began

January

with

$10,100

cash. Management forecasts that collections from credit customers will be

$11,400

in

January

and

$14,600

in

February.

The store is scheduled to receive

$6,500

cash on a business note receivable in

January.

Projected cash payments include inventory purchases

($14,200

in

January

and

$12,300

in

February)

and selling and administrative expenses

($3,300

each month).

Requirement 1. Prepare

Lally

Auto Parts' cash budget for

January

and

February.

Prepare the cash budget by entering in the labels, then enter in the amounts for

January

first and

February

next. (Complete all input fields. For entries with a $0 balance, make sure to enter "0" in the appropriate cell. Use parentheses or a minus sign when entering a deficiency.)

More info Lally Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lally Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,500, plus 3% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Print Done Homework: Chapter M:5 Homework Lally Auto Parts, a family-owned auto parts store, began January with $10,100 cash. Management forecasts that co receivable in January. Projected cash payments include inventory purchases ($14,200 in January and $12,300 in Fe (Click the icon to view additional information about Lally Auto Parts.) Read the requirements Requirement 1. Prepare Lally Auto Parts' cash budget for January and February Prepare the cash budget by entering in the labels, then enter in the amounts for January first and February next. (Cor deficiency.) Lally Auto Parts Cash Budget January and February January February Cash available Cash payments Total cash payments Less Help me solve this Etext pages Get more help receivable in January. Projected cash payments include inventory purchases ($14,200 (Click the icon to view additional information about Lally Auto Parts.) Read the requirements deficiency.) Lally Auto Parts Cash Budget January and February January February Cash available Cash payments: Total cash payments Less: Ending cash balance Help me solve this Etext pages Get more help