Lipman Auto Parts, a family-owned auto parts store, began January with $11,000 cash. Management forecasts that collections from credit customers will be $11,600 in January and $15,000 in February. The store is scheduled to receive $5,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($14,200 in January and $13,400 in February) and selling and administrative expenses ($2,900 each month). Click the icon to view additional information about Lipman Auto Parts.) Read the requirements. Requirement 1. Prepare Lipman 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.) Lipman Auto Parts Cash Budget January and February January February Cash available Cash payments: Total cash payments Less: Ending cash balance Lipman 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. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $1,500, plus 4% APR interest on the entire unpaid principal. The first payment occurs three months after the loan