Check my work Problem 14-20A (Algo) Preparing a cash budget LO 14-5 Gibson Medical Clinic has budgeted the following cash flows. January February March $108,000 $114,000 $134,000 Cash receipts Cash payments For inventory purchases For S&A expenses 94,000 35,000 76,000 36,000 89,000 31,000 Gibson Medical had a cash balance of $12,000 on January 1. The company desires 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. Gibson 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 last year's quarterly results. Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments should be indicated with a minus sign.) ANA Cash Budget Section 1: Cash Receipts January February March Total cash available Section 2: Cash Payments Total budgeted disbursements Section 3: Financing Activities