6 January 7 February 8 March 9 Cash Receipts Cash payments $525,000 400,000 450,000 $475,000 350,000 525,000 4 10 Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to 11 meet this requirement charge 1% interest per month, paid at each month-end. The 12 interest is computed based on the beginning balance of the loan for the month. Any 13 preliminary cash balance above $30,000 is used to repay loans at month-end. The 14 company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. 15 16 Required: 17 Prepare monthly cash budgets for January, February, and March. 181 Minimum Cash Balance Monthly January 1 Cash interest rate balance $30,000 1% $30,000 19 (Use cells A5 to 114 from the given information to complete this question. Negative balances and Loan repayment amounts (if any) 20 should be indicated with minus sign. Negative amounts or amounts to be deducted should be input and displayed as negative values. All 21 other answers should be input and displayed as positive values.) 22 23 24 KAYAK COMPANY Cash Budget 25 26 Beginning cash balance. 27 28 Total cash available January February March $30,000 $30,000 So 525,000 400,000 450,000 555,000 430,000 450,000 29 Less: Cash payments for 30 All items excluding interest 475,000 350,000 31 Interest on loan 600 0 32 Total cash payments 33 Preliminary cash balance 7,400 34 Loan activity 35 36 Ending cash balance 37 38 Loan balance- Beginning of month 39 Additional loan (loan repayment) 40 Loan balance, end of month Loan balance January 1 loan balance $60,000