A company requires a minimum $$10,960$ cash balance at each month$-$end. If necessary

loan is taken to meet this requirement at a cost of $1\%$ interest per month $($paid at the er

of each month$).$ Any preliminary cash balance above $$10,960$ is used to repay loans at

month$-$end. The cash balance on March $1$ is $$11,200,$ and the company has no outstanc

loans. Budgeted cash receipts from sales are: March, $$24,800$; April, $$32,160$; and May

$$40,400.$ Budgeted cash payments $($excluding loan or interest payments$)$ are: March,

$$28,800$; April, $$30,080$; and May, $$32,160.$

Required:

Prepare a cash budget for March, April, and May.

Note: Negative balances and Loan repayment amounts $($if any$)$ should be indicated

with minus sign. Round your final answers to the nearest whole dollar.