I need Interest expense per month for February and March, need Borrowing(repayment) for January, February, and March.Please dont provide solution in an image format thank you Prepare a cash budget.Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage shouldwith a minus sign.Cash BudgetSection 1: Cash ReceiptsBeginning cash balanceAdd: Cash receiptsTotal cash availableSection 2: Cash PaymentsFor inventory purchasesFor S&A expensesInterest expense per monthTotal budgeted disbursementsSection 3: Financing ActivitiesSurplus (shortage)Borrowing (repayment)Ending cash balance$$January15,000 $114,000129,00097,00038,0001,200136,200February(7,200)(7,200) $(7,200) $120,000112,80079,00039,000118,000(5,200)(5,200) $March(5,200)140,000134,80092,00034,000126,0008,8008,800 Solomon Medical Clinic has budgeted the following cash flows.January$ 114,000Cash receiptsCash paymentsFor inventory purchasesFor S&A expenses97,00038,000PequiredFebruary$ 120,00079,00039,000March$ 140,00092,00034,000Solomon Medical had a cash balance of $15,000 on January 1. The company desires to maintain a cash balance of $7,000. Funds areassumed 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. Solomon pays its vendors on the last day of the month also. The company had amonthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results.

The cash budget is prepared to determine the expected cash movement and fund requirement for a…

Solomon Medical Clinic has budgeted the following cash flows. Cash receipts Cash payments For inventory purchases For S&A expenses January $ 114,000 97,000 38,000 February $ 120,000 79,000 39,000 March $ 140,000 92,000 34,000 Solomon Medical had a cash balance of $15,000 on January 1. The company desires to maintain a cash balance 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. Solomon 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.

Solomon Medical Clinic has budgeted the following cash flows. Cash receipts Cash payments For inventory purchases For S&A expenses January $ 114,000 97,000 38,000 February $ 120,000 79,000 39,000 March $ 140,000 92,000 34,000 Solomon Medical had a cash balance of $15,000 on January 1. The company desires to maintain a cash balance 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. Solomon 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
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