Business, 06.05.2020 05:19 AmyGonzalez1385
Northeast Auto Parts, afamily-owned auto parts store, began January with $10,600 cash. Management forecasts that collections from credit customers will be $11,300 in January and $14,700 in February. The store is scheduled to receive $6,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($14,400 in January and $12,200 in February) and selling and administrative expenses($3,500 each month). Northeast 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. Northeast 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 loan.1. Pleaseprepare Northeast AutoParts's cash budget for January and February.
2. How much cash will Northeast Auto Parts borrow in February if collections from customers that month total $13,700 instead of $14,700?
Answers: 3
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Northeast Auto Parts, afamily-owned auto parts store, began January with $10,600 cash. Management fo...
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