Lim Auto Parts, a family$-$owned auto parts store, began January with $$10,500$ cash Management forecasts that collections from credit customers will be $$11,900$ in January and $$14,800$ in February. The store is scheduled to receive $$5,000$ cash on a business note receivable in January Projected cash payments include inventory purchases $($ $$13,900$ in January and $$13,300$ in February$)$ and selling and administrative expenses $($$$3,000$ each month$).$

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Requirement $1.$ Prepare Lim Auto Parts' 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.$)$

$\backslash$table$[[$Lim Auto Parts$],[$Cash Budget$],[$January and February$],[$Cash available$],[$Cash payments:$],[$Pegrchases of inventory$],[$Solling and administrative expenses cash payments$],[$Ending cash balance before financing$],[$Less Minimum cash balance desired$],[$Projected cash excess $($deficiency$)],[$Total effects of financing$],[$Ending cash balance$]]$

More info

Lim Auto Parts' 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 $$1,000.$ Lim Auto Parts borrows as little as possible and pays back loans in quarterly installments of $$2,500$ plus $4\%$ APR interest on the entire unpaid principal. The first payment occurs three months after the loan.