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Please help me figure out the correct answers for the red highlighted boxes. Newman Medical had a cash balance of$12, 500 on January 1. The

Please help me figure out the correct answers for the red highlighted boxes. image text in transcribed
Newman Medical had a cash balance of$12, 500 on January 1. The company desires to maintain a cash cushion of $8,000. 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 $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. (Any repayments/shortage should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.)

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