More info Avery's beginning cash balance is $8,000 and Avery desires to maintain a minimum ending cash balance of $8,000. Avery borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 9% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Cach Ranainte from Clietamare Accounts Receivable balance, March 31: March-Creditsales,collectionofMarchsalesinApril$ \begin{tabular}{lrr} \hline Acccount balances, March 31: & & \\ \hline Prepaid Property Taxes & $ & 3,420 \\ \hline Accounts Payable & $ & 4,500 \\ \hline Utilities Payable & $ & 680 \\ \hline \end{tabular} Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance