2 4 points 04:31:08 eBook Hint Exercise 20-21 (Algo) Cash budget LO P2 Foyert Corporation requires a minimum $6,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $6,500 is used to repay loans at month-end. The cash balance on October 1 is $6,500, and the company has an outstanding loan of $2,500. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments October $ 22,500 24,750 November $ 16,500 15,500 December $ 20,500 15,500 Prepare a cash budget for October, November, and December. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Print References 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 (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month FOYERT CORPORATION Cash Budget October November December $ 6,500 $ 6,500 $ 22,500 16,500 6,500 20,500 29,000 23,000 27,000 0 0 0 Loan balance $ 2,500 2 4 points 04:31:08 eBook Hint Exercise 20-21 (Algo) Cash budget LO P2 Foyert Corporation requires a minimum $6,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $6,500 is used to repay loans at month-end. The cash balance on October 1 is $6,500, and the company has an outstanding loan of $2,500. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments October $ 22,500 24,750 November $ 16,500 15,500 December $ 20,500 15,500 Prepare a cash budget for October, November, and December. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Print References 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 (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month FOYERT CORPORATION Cash Budget October November December $ 6,500 $ 6,500 $ 22,500 16,500 6,500 20,500 29,000 23,000 27,000 0 0 0 Loan balance $ 2,500