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Fanning Medical Clinic has budgeted the following cash flows: Cash receipts Cash payments $185,868 $111,808 $131,8068 For inventory purchases For S&A expenses 92,588 33,588 74,588 34,588 87,588 29,580 Fanning Medical had a cash balance of $10,500 on January 1. The company deslres to malntaln a cash cushlon of $10,000. Funds are assumed to be borrowed, In Increments of $1,000, and repald on the last day of each month; the Interest rate Is 3 percent per month. Repayments may be made In any amount avallable. Fanning pays Its vendors on the last day of the month also. The company had a monthly $40.000 beginning balance In lts line of credit liabllity account from this years quarterly results. Required Prepare a cash budget. (Round Intermedlate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be Indicated with a minus sign.) 3 Answer is not complete. (21,000) Beginning cash balance Add: Cash receipts Cash avaiable Less: Cash payments (19,000) 31,000 112,000 001 105.000 111,0000 1 90,000 7 For inventory purchases For S&A expenses Interest expense per 92,500 33,500 4,0087,500 34.500 29.500 month 128,000 109,000 117,000 Total budgeted payments Payments minus receipts (21,000) (19,000) (5,000) Surplus (shortage) Financing Activity (21,000) (19,000 5,000)