18 A company has a cash balance on June 1 of $9,460 and has no outstanding loans. The company requires a minimum $8,060 cash balance at each month-end. Loans taken to keep this minimum balance require payment of 1% interest at each month-end. Any preliminary cash balance of more than $8,060 at month-end is used to repay loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for interest or loan payments) follow. Cash receipts (other than for loans received) Cash payments (other than for interest or loan payments) Prepare a cash budget for June, July, and August. June $ 25,600 30,100 July $ 33,600 31,600 August $ 41,600 33,600 Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers to the nearest whole dollar. Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan Cash payments Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, Beginning of month Additional loan (loan repayment) Loan balance, End of month Cash Budget June July August $ 9,460 $ 8,060 $ 8,060 25,600 33,600 41,600 35,060 41,660 49,660 0 31 11 30,100 31,600 33,600 30,100 31,631 33,611 Loan balance $ 0