Beginning cash balance Add: Cash receipts Total cash available KAYAK COMPANY Cash Budget January February March $ 40,000 $ 40,000 $ 69,746 525,000 408,500 464,000 565,000 448,500 533,746 Less: Cash payments for All items excluding interest Interest on loan 469,600 353,100 535,000 800 254 aces Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month 470,400 353,354 535,000 94,600 95,146 (1.254) Additional loan (loan repayment) (54,600) (25,400) $ 40,000 $ 69,746 Loan balance $ 80,000 $ 25,400 $ 0 (54,600) (25,400) $ 25,400 $ Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts Cash payments $525,000 408,500 464,000 $ 469,600 353,100 535,000 Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1