A company has a cash balance on June 1 of $9,740 and has no outstanding loans. The company requires a minimum $8,340 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 $8,340 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 July August $ 28,400 32,900 $ 36,400 34,400 $ 44,400 36,400 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 Additional loan (loan repayment) Ending cash balance Loan balance, Beginning of month Additional loan (loan repayment) Loan balance, End of month Cash Budget June July August $ 9,740 $ 8,340 $ 8,340 28,400 36,400 44,400 38,140 44,740 52,740 0 0 0 Loan balance $ 0