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Lipman Auto Parts, a family-owned auto parts store, began January with $10,300 cash. Management forecasts that collections from credit customers will be $11,400 in January and $14,800 in February. The store is scheduled to receive $5,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($13,000 in January and $13,600 in February) and operating expenses ($2,700 each month). Lipman Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance dips below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 4% interest on the entire unpaid principal. The first payment occurs three months after the loan. Requirements R1. Prepare Lipman Auto Parts' cash budget for January and February. R2. How much cash will Lipman Auto Parts borrow in February if collections from customers that month total $13,800 instead of $14,800?". Try more general keywords.
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