Lipman Auto Parts, a family-owned auto parts store, began January with $10,000 cash. Management forecasts that collections from credit customers will be $11,600 in January and $15,200 in February. The store is scheduled to receive $8,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($16,300 in January and $13.000 in February) and selling and administrative expenses ($3,300 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements Requirement 1. Prepare Lipman 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 answer boxes. For entries with a balance, make sure to enter in the appropriate coll. Use parentheses or a minus sign when entering a deficiency.) Lipman Auto Parts Cash Budget January and February January February e $8,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($16,5 xpenses ($3,300 each month). mation about Lipman Auto Parts.) rts's cash More Info - X entries with a $ e labels, the a minus sig an Auto Par ush Budget y and Febry Lipman 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. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 5% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Print Done mhor in the inniit fioldo and then click Chenk Anwar * Requirements - chd g entries ar et 1. Prepare Lipman Auto Parts's cash budget for January and February. 2. How much cash will Lipman Auto Parts borrow in February if collections from customers that month total $14,200 instead of $15,200? bry Print Done January February Beginning cash balance Cash available before financing Cash receipts from customers Cash receipt on note receivable Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Purchases of inventory Selling and administrative expenses Total effects of financing Ending cash balance Read the requirements. January and February January February Cash available Cash payments: Total cash payments Less: Ending cash balance Choose from any list or enter any number in the