Perez Medical Clinic has budgeted the following cash flows. Cash receipts January $ 111,000 February $ 117,000 March $ 137,000 Cash payments For inventory purchases For S&A expenses 95,500 36,500 77,500 37,500 90,500 32,500 Perez Medical had a cash balance of $13,500 on January 1. The company desires to maintain a cash balance of $10,000. 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. Perez 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. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. Answer is not complete. Cash Budget January February March Section 1: Cash Receipts Beginning cash balance Add: Cash receipts $ 13,500 $ 19,000 $ 8,170 111,000 117 200 137,000 ( Total cash available 124,500 136,000 145,170 Section 2: Cash Payments For inventory purchases 95,500 77,500 90,500 For S&A expenses 36.500 37.500 32.500 with a minus sign. Cash Budget Section 1: Cash Receipts Beginning cash balance Add: Cash receipts Total cash available Section 2: Cash Payments Answer is not complete. February January March 13,500 $ 19,000 $ 8,170 111,000 117,000 137,000 124,500 136,000 145,170 For inventory purchases 95,500 77,500 90,500 For S&A expenses 36,500 37,500 32,500 Interest expense per month 1,200 1,770 1,700 Surplus (shortage) (8,700) 10,530 22,200 Total budgeted disbursements 124,500 127,300 146,900 Section 3: Financing Activities Borrowing (repayment) Ending cash balance 0 8,700 (1,730) 19,000 (530) (12,200) 19,000 $ 8,170 $ (13,930)