Leichter Auto Parts, a family-owned auto parts store, began January with $ 10,500 cash. Management forecasts that collections from credit customers will be $ 11,000 in January and $ 15,200 in February. The store is scheduled to receive $ 8,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($ 15,600 in January and $ 14,800 in February) and selling and administrative expenses ($ 2,900 each month).).Leichter Auto Parts's bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of$1,000. Leichter Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,500, plus 33% APR interest on the entire unpaid principal. The first payment occurs three months after the loanprepare Northeast AutoParts's cash budget for January and February.

                                      Northeast AutoParts's

                                           Cash Budget

                                                             January               February

Cash inflows:                                        

Total cash inflows                                $19.500              $15,200

Cash outflows:

Total cash outflows                             ($18,500)            ($17,700)

Monthly cash flow                                 $1,000               ($2,500)

Initial cash balance                               $10,500             $11,500

Ending cash balance                            $11,500              $9,000

Required bank loan                                      $0             $1,000

Total                                                       $11,500             $10,000

Explanation:

January 1, beginning cash $10,500

cash collections from customers' credits:

estimated cash outflows:

Bank's minimum balance $10,000

loans in multiples of $1,000

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