January $105,000 February $111,000 March $131,000 Cash receipts Cash payments For inventory purchases For S&A expenses 92,500 33,500 74,5008 7,500 34,500 29,500 Fanning Medical had a cash balance of $10,500 on January 1. The company desires to maintain a cash cushion of $10,000. 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. Fanning 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 this year's quarterly results. Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign.) Cash Budget January February March Cash available Less: Cash payments Total budgeted payments Payments minus receipts Financing Activity