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Baird Medical Clinic has budgeted the following cash flows: January FebruaryMarch Cash receipts Cash payments $102,000 108,000 $12B,000 For inventory purchases 91,00 3,000 For SSA expenacs 86,000 28,000 32,000 33,000 Baird Medical had a cash balance of $9,000 on January 1. The company desires to maintain a cash cushion of $7000. 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. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign.) $ 9,000$(13,200) (12,200) 128,000 115,800 cash balance Add: Cash receipts Cash available Less: Cash payments 102,000 111,000 108,000 94,800 For inventory purchases For S&A expenses Interest expense per month 91,000 32,000 1,200 3,000 33,000 86,000 28,000 Total budgeted payments Payments minus receipts Surplus (shortage) 124,200 106,000 114,000 (13,200) (11,200) 1,800 Financing Activity (140,000) $ (13,200)$ ,200) (138,200) Borrowing (repayment (1,000 nding cash balance

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