Vernon Medical Clinic has budgeted the following cash flows. Vernon Medical had a cash balance...
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Accounting
Vernon Medical Clinic has budgeted the following cash flows. Vernon Medical had a cash balance of $16,500 on January 1. The company desires to maintain a cash cushion of $10,000. 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 avallable. Vernon pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its ilne of credit liability account from last year's quarterly results. Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments should be indicated with a minus sign.)
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