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Ling Auto Parts, a family-owned auto parts store, began January with $10,500 cabh. Managemeet forecasts that collections from crecit customers will be $11,400 in January and 514,700 in February. The store is scheduled to receive $7,000 cash on a business note receivatle in January. Projpcted cash payrrents include invertary punchases (\$15,300 in Jaruary and $12,400 in February) and selling and administrative expenses (\$3,100 each month). (1) (Click the icon to view additional information about Ling Auto Parts.) Read the reguiremnants Ling Auto Parts, a family-owned auto parts store, began January with $10,500 cash, Management forecasts that colloctions from credit customers wit be $11,400 in January and $14.700 in February. The store is scheduled to receive $7,000 cash on a business note receivable in January. Projected cash payments include inventory purchases (\$15,3c0 in January and $12,400 in Fobruary) and seling and administrative expenses (\$3,100 each month). (i) (Cilick the ioon to view additional informabion about Ling Auto Parts) Read the reguirements. Requirements 1. Prepare Ling Auto Parts' cash budget for Jamaary and February. 2. How much cash will Ling Auto Parts borrow in Fobruary if colections trom customers that month total $13,700 instead of $14,700 ? Ling Auto Parts, a famly-owned auto parts store, began January whih $10,500 cash. Management forecasts that colloctions trom credit customers wit be $11,400 in January and $14,700 in February. The store is scheduled to recoive $7,000 cash on a business note receivable in January. Projected cash payments include inventory purchases (\$15,300 in January and $12,400 in February) and selling and administrative expenses (\$3,100 each month). 1. (Click the icon to view additional information about Ling Auto Parts.) Reod the requirements. More info Ling Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the acoount balance falls below $10,000, the bank automatcally extends credit to the store in multiples of $1,000. Ung Auto Parts borrows as latie as possible and pays back loans in quartory instalments of \$2.500, plus 6% APR interest on the entire unpald princlpal. The first payment occurs three months afler the loan