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Question - Baird Medical Clinic has budgeted the following cash flows:
January
February
March
Cash receipts
$102,000
$108,000
$128,000
Cash payments For inventory purchases
91,000
73,000
86,000
For S&A expenses
32,000
33,000
28,000
Baird Medical had a cash balance of $9,000 on January 1. The company desires to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments may be made in any amount available. Baird pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results.
Required - Prepare a cash budget.
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