1 $517,000 Oints Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year Cash Receipts Cash payments January 5.462,700 February 411,000 356,700 March 473.000 528,000 Kayak requires a minimum cash balance of 550,000 at each month-end. The company can borrow money at a monthly interest rate of 1% paid on the last day of each month The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $50.000 is used to repay loans at month-end The company has a cash balance of $50,000 and a loan balance of $100.000 at January 1 Prepare monthly cash budgets for January February, and March (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) BOOK a Hent AR March KAYAK COMPANY Cash Budget January February 5 50,000 $ 50.000 517.000 111.000 567.000 461.000 Print 473.000 References (356.700) Beginning cash balance Add: Cash receipts Total cash available Less Cash payments for All items excluding interest Interest on loan Total cash payments Preliminary cash balance Loan activity Additional loan doan repayment Ending cash balance 462.700 1.000 463.700 (356.700) 0 Loan Balance $ 100,000 0 Loan balance - Beginning of month Additional loan can repayment Loan balance end of month