E22-34 (similar to) Question Help Lipman Auto Parts, a family-owned auto parts store, began January with $10.500 cash. Management forecasts that collections from credit customers will be $11.200 in January and $15,200 in February. The store is scheduled to receive $6,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($14,300 in January and $12,500 in February) and selling and administrative expenses ($3,400 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements. Cash Budget January and February More Info January February Beginning cash balance Cash receipts from customers Cash receipt on note receivable Lipman Auto Parts's 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. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2.000, plus 4% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Cash available Cash payments: Purchases of inventory Print Done Selling and administrative expenses Total cash payments Ending cash balance before financing Less Minimum cash balance desired Projected cash excess (deficiency) Total effects of financing Choose from any list or enter any number in the input fields and then click Check Answer. ? 1 part Clear All Check Answer remaining