Newman Medical Clinic has budgeted the following cash flows January February March Cash receipts Cash payments $120,000 $126,000 $146,000 For inventory purchases For S&A expenses 100,000 41,000 82,000 42,000 95,000 37,000 Newman Medical had a cash balance of $18,000 on January 1. The company desires to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 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 $40,000 beginning balance in its line of credit liability account from this year's quarterly results Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign.) Cash Budget January February March Cash available Less: Cash payments Total budgeted payments Payments minus receipts Financing Activity