Lipman Auto Parts, a family-owned auto parts store, began January with $10,300 cash. Management forecasts that collections from credit customers will be $11,400 in January and $14,800 in February. The store is scheduled to receive S5,000 cash on a business note receivable in January. Projected cash payments include material purchases (S3,000 in January and S3,600 in February), direct labor ($7,000 monthly) and manufacturing overhead ($2,500 in January and $2,800 in February). Selling and administrative expenses are S2,700 each month. Lipman Auto Parts' bank requires a S10,000 minimum balance in the store's checking account. At the end of any month when the account balance dips below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly instalments of S2,000, plus 4% interest on the entire unpaid principal, The first payment occurs three months after the loan. Requirements 1. Prepare Lipman Auto Parts cash budget for January and February 2. How much cash will Lipman Auto Parts bomow in February if collections from customers that month total $13,800 instead of $14,800? Requirement 1. Prepare Lipman Auto Parts' cash budget for January and February. 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. Lipman Auto Parts Cash Budget January and February February January Beginning cash balance Cash collections from customers Collection of note receivable Total cash available