Leichter Auto Parts, a family-owned auto parts store, began January with $10,900 cash. Management forecasts that collections from credit customers will be $11,700 in January and $15,400 in February. The store is scheduled to receive $8,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($16,600 in January and $13,900 in February) and selling and administrative expenses ($3,000 each month). (Click the icon to view additional information about Leichter Auto Parts.) Read the requirements, Requirement 1. Prepare Leichter 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.) Leichter Auto Parts Cash Budget - January and February More Info January February Leichter 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. Leichter Auto Parts borrows as little as possible and pays back loans in quarterly installments of $3,000, plus 6% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Cash available Cash payments: Print one Total cash payments Less: Choose from any list or enter any number in the input fields and then click Check Answer. Beginning cash balance Cash available before financing January with $10,900 cash. Management forecasts that collections from credit customers will be $11,700 in January and 100 cash on a business note receivable in January. Projected cash payments include inventory purchases ($16,600 in January penses ($3,000 each month). hter Auto Parts.) Cash receipts from customers Cash receipt on note receivable | Ending cash balance before financing for January and February. ir in the amounts for January first and February next. (Complete all input fields. For entries with a $0 balance, make sure to sign when entering a deficiency.) Minimum cash balance desired Projected cash excess (deficiency) Purchases of inventory Selling and administrative expenses January February Requirements 1. Prepare Leichter Auto Parts's cash budget for January and February. 2. How much cash will Leichter Auto Parts borrow in February if collections from customers that month total $14,400 instead of $15,400? Cash available Cash payments: Print Total cash payments Less: Choose from any list or enter any number in the input fields and then click Check Answer. Leichter Auto Parts, a family-owned auto parts store, began January with $10,900 cash. Management forecasts that collections from credit customers will be $11,700 in January and $15,400 in February. The store is scheduled to receive $8,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($16,600 in January and $13,900 in February) and selling and administrative expenses ($3,000 each month). (Click the icon to view additional information about Leichter Auto Parts.) Read the requirements enter in the appropriate cell. Use parenteses or a minus sign wnen entering a ceniciency.) Leichter Auto Parts Cash Budget January and February January February Cash available Cash payments: Total cash payments Less: Ending cash balance
