Newman Medical Clinic has budgeted the following cash flows.

January February March

Cash receipts $120,000 $116,000 $136,000

Cash payments

For inventory purchases 110,000 82,000 95,000

For S&A expenses 31,000 32,000 27,000

Newman Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 1 percent per month. Repayments may be made in any amount available. Newman pays its vendors on the last day of the month also. The company had a monthly$40,000beginning balance in its line of credit liability account from this years quarterly results.

Required:Prepare a cash budget.(Anyrepayments/shortageshould be indicated with a minus sign.Round your answers to the nearest dollar amount.)

CASH BUDGET JANUARY FEBRUARY MARCH

Beginning cash balance $8000 X X

Add: Cash Receipt X X X

Cash Available X X X

Less: Cash Payments

For Inv Purchases X X X

For S&A expenses X X X

Total budgeted payments X X X

Payments minus receipts

-- ?-- X X X

Financing Activity

-- ?-- X X X

Ending Cash balance $ X $X $X

I NEED ALL X's filled in..... and choices for the boxes on the left under the wording where I wrote --?-- , choices for those are as follows: surplus (shortage, borrowing (repayment) or interest expense per month... not sure what goes where but was able to figure out where the rest belonged which you can see right there....

ALSO for beginning bal under Jan I'm sure 8000 goes there... and for ADD:CASH RECEIPT and info from CASH PAYMENTS I'm sure you put those in for those X's but just wanted to make sure that was right before I did that and confused you .. PLEASE SHOW WORK SO I CAN UNDERSTAND THIS !!