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Flelding Health Center provides a variety of medical services. The company is preparing its cash budget for the upcoming third quarter. The tollowing transactions are expected to occur: 1(Click the icon to view the expected transactions ) Prepare a combined cash budget for Flelding Health Center for the third quarter, witn a column for each month and for the quarter total. (If a box is not used in the table leave the bax empty, do not enter a zero. Use parentheses or a minus sign for negative ending cash balances.) Fielding Health Center Combined Cash Budget For the Months of July through September Ju August September Quarter Beginning balance of cash Plus: Cash collections Total cash avalable Less: Cash payments Ending cash balance before financing Financing More Info a. Cash collections from services in July, August, and September, are projected to be $93,000, $151,000, and $126,000 respectvely b. Cash payments for the upcoming third quarter are projected to be $142,000 in July, $107,000 in August, and $135,000 in September C. The cash balance as of the first day of the third quarter is projected to be $36,000 d. The health center has a policy that it must maintain a minimum cash balance of $28,000. The heath center has a line ot credit with the local bank that allows it to borrow tunds in montns that it would not otherwise have its minimum balance. If the company has more than its minimum balance at the end of any given month, it uses the excess funds to pay off any outstanding line of credit balance. Each month, Fielding Health Center pays interest on the prior month's line of crecit ending balance. The actual interest rate that the health center will pay loats since it is tied to the prime rate However, the interest paid during the budget period expected to be 1% of the prior month's line of credit ending balance If the company did not have an outstanding balance at the end of the prior month, then the health center does not have to pay any interesti All line of credit borrowings are taken or paid otf on the first day of the month. As ot the trst day ot the third quarter, Fielding Heath Center did not have a balance on its line of credit Plus: New borrowings Less: Debt repayments Less: Interest payments Ending cash balance PrintDone