Requirements 1. Prepare Lipton Auto Parts' cash budget for January and February. 2. How much cash will Lipton Auto Parts borrow in February if collections from customers that month total $13,800 instead of $14,800 ? More info Lipton Auto Parts' 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. Lipton Auto Parts borrows as little as possible and pays back loans in quarterly installments of $1,500, plus 3% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Lipton Auto Parts, a family owned auto parts store, began January with $10,000 cash Managemont forecasts that collections from credit customers wil be $11,000 in January and $14,800 in February. The store is scheduled to receive $6,000 cash on a business note roceivable in January. Projected cash payments include inventory purchases ( $12,400 in January and $13,900 in February) and selling and administrative expenses (\$3,100 each month). (Click the icon to view additional information about Lipton Auto Parts) Read the tequirements