6 3 pos Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end if necessary, the company borrows to meet this requirement at a cost of 2% interest per month (paid at the end of each month) Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $24.000, and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loan activity) follow Cash receipts Cash payments July $75,000 103,000 August $101,000 89,900 September $140,000 117,400 Prepare a cash budget for July. August, and September (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Round your final answers to the nearest whole dollar.) Beginning cash balance Add Cash receipts Total cash avalable Less Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Answer is not complete. MOTORS CORPORATION Cash Budget July August September $ 24,000 $ 30,000 S 30,000 75,000 101,000 140,000 99,000 131,000 170,000 000 0 99,000 0 131,000 0 170,000