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E22-34 (similar to) Question Help Lally Auto Parts, a family-owned auto parts store, began January with $10,300 cash. Management forecasts that collections from credit customers will be $11,600 in January and $15,200 in February. The store is scheduled to receive $7,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($14,200 in January and $14,200 in February) and selling and administrative expenses ($3,200 each month). (Click the icon to view additional information about Lally Auto Parts.) Read the requirements Requirement 1. Prepare Lally Auto Parts's cash budget for January and February Prepare the cash budget by entering in the labels, then enter in the amounts for January first and February next. (Complete all answer boxes. For entries with a $0 balance, make sure to enter "O" in the appropriate cell. Use parentheses or a minus sign when entering a deficiency.) Lally Auto Parts Cash Budget January and February January February * Requirements Cash available Cash payments: 1. Prepare Lally Auto Parts's cash budget for January and February. 2. How much cash will Lally Auto Parts borrow in February if collections from customers that month total $14,200 instead of S15,200? Total cash payments Print Done Less: Ending cash balance More Info Lally Auto Parts's bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lally Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 3% APR interest on the entire unpaid principal. The first payment occurs three months after the loan