E22-34 (similar to) Question Help Southwest Auto Parts, a family-owned auto parts store, began January with $10.800 cash. Management forecasts that collections from credit customers will be $11.200 in January and $14.500 in February. The store is scheduled to receive $7,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($15,000 in January and $11,900 in February) and selling and administrative expenses ($3.500 each month). A (Click the icon to view additional information about Southwest Auto Parts.) Read the requirements Requirement 1. Prepare Southwest Auto Parts's 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.) Southwest Auto Parts Cash Budget January and February More Info - X - X A Requirements January February Southwest 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. Southwest Auto Parts borrows as little as possible and pays back loans in quarterly installments of S2,000, plus 4% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. 1. Prepare Southwest Auto Parts's cash budget for January and February 2. How much cash will Southwest Auto Parts borrow in February if collections from customers that month total $13.500 instead of $14.500? Cash available Print Done Cash payments Print Done Total cash payments Less: Ending cash balance Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Check