Total Cash collections 7. Jamie, Tiffany, and Celeste have a taco stand at the park. Their bank requires them t $5,000 minimum cash balance at all times and has provided a line of credit to assist with dally h needs and to maintain the minimum cash balance. The friends prudent budgeting has predicted shortfall of $2,590 in January when loyal customers start their annual post-holiday diets The line of credit bears interest annually at 6% (6% is the annual rate), and funds will be accessed in $100 increments on the first day of the month, for that month's needs. Interest must be paid month on the outstanding balance (1 month increments), but principal payments are not required each month. The following schedule shows the activity for January and February 1. Beginning cash balance-$6,000 2. Cash receipts for January $76,000 and $88.700 for February 3. Cash disbursements for January $83,590 and $79,400 for February 4. Interest PxRxt Prepare the Cash budget for January and February. Cash Budget Beginning Cash Balance - Cash receipts Total cash available Cash disbursements Cash surplus (deficiency) Financing Proceeds from borrowing Principal repayments Interest payments Ending cash balance: January February $6,000