Problem 14-20A (Static) Preparing a cash budget LO 14-5 Fayette Medical Clinic has budgeted the following cash flows. January $240,000 February $ 232,000 March $ 272, -27 Cash receipts Cash payments For inventory purchases For 5&A expenses 220,000 62,900 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10.000. Funds are assumed to be borrowed, in increments of $2.000, 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. Fayette pays its vendors on the last day of the month also. The company had a monthly $80,000 beginning balance in its line of credit liability account from last year's quarterly results Required Prepare a cash budget. (Any repayments should be indicated with a minus sign. Round Intermediate and final answers to the nearest whole dollar amounts.) Required Prepare a cash budget. (Any repayments should be indicated with a minus sign. Round intermediate and final answers to the nearest whole dollar amounts.) Cash Budget Section 1: Cash receipts January February March Total cash available Section 2 Cash payments Total budgeted disbursements Section 3. Financing activities