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Question - McBride Medical Clinic has budgeted the following cash flows
January February March
Cash receipts 101000 108000 125000
Cash payments
For inventory purchases 92000 72000 83000
For S&A expenses 30000 32000 26000
McBride Medical had a cash balance of 7000 on January 1. The company desires to maintain a cash cushion of 5000. Funds are assumed to be borrowed in increments of 1000 and repaid on the last day of each month; the interest rate is 1 percent per month. McBride pays its vendor on the last day of the month also. The company had a 30000 beginning balance in its line of credit liability account.
Required - Prepare a cash budget.
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