Homework: Topic 3 Homework (Chapter 22) Score: 9.55 of 10 pts 3 of 4 (3 complete) CP22-57 Continuing Problem (similar to) HW Score: 32.58%, 19.55 of 60 pts Question Help Assume Dean Consulting began January with $14,000 cash Management forecasts that cash receipts from credit customers will be $56,000 in January and 60.000 in February. Projected cash payments include upment purchases (522,000 in January and $45.000 in February) and selling and administrative expenses $10.00 each month) Dean's bank requires a $20,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below S20,000, the bank automatically extends credit to the firm in multiples of $5,000. Dean borrows as little as possible and pays back loans each month in $1,000 increments, plus 12% interest on the entire unpaid principal. The first payment occurs one month after the loan Requirements 1. Prepare Dean Consulting's cash budget for January and February 2018 2. How much cash will Dean borrow in February if cash receipts from customers that month total $50,000 instead of $60,000? Borrowing Principal repayments Incom Total effects of financing 37,000 $ 42.000 42 Ending cash balance for SO in BA 34 similar to (0/36 Requirement 2. How much cash will Dean borrow in February if cash receipts from customers that month total $50,000 instead of $60.0007 (Enter a " borrowings and/or repayments.) If cash receipts are $50,000 instead of $60,000 in February, the company wil borrow l and repay $_ Enter your answer in the edit fields and then click Check Answer Clear All All parts showing Check Answer S Permissions Cont LUPILULU TE SU CULOUR MISSION