Reference no: EM131765816
Question - "McBride Medical Clinic has budgeted the following cash flows.
Cash receipts for Jan. $101,000, FEb. $108,000, Mar. $125,000
Cash payments for inventory purchases, Jan. $90,000, Feb. $72,000, Mar. 82,000
Cash payments for S&A expenses for Jan. $30,000, Feb. $32,000, Mar. $26,000.
McBride Medical had a cash balance of $7,000 on Jan.1st. The company desiresto maintain a cas cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000 an repaid on the last day of each month; the interest rate is 1% per month. McBride pays its vendor on the last day of the month also. The company had a $30,000 beginning balance in its line of credit liability account.
Required: Prepare a cash budget."
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