Budgeting

You are doing the internal cash budgeting for T.Brady Spas, a company which specializes in pedicures for athletes. T.Brady is required by their bank to have a minimum of $10,000 in their account at all time. On June 30th, their cash balance was $11,000 and there was no short term loan payable. The company has a line of credit they can draw on if needed at an annual rate of 3%. Interest is due the month after the loan is incurred. Supply purchases, wages, and fixed costs total $18,000 for July and $14,000 for August Included in these amounts is $1,000 per month for amortization expense. Complete the cash payments schedule and cash budget for July and August: Round to nearest whole number (20. 1.355) Cash Payments July August Supplies, wages, fixed cost payments $ $ Loan interest Total Cash Payments: Cash Payments July August Supplies, wages, fixed cost payments $ Loan interest 10 Total Cash Payments: $ Cash Budget Cash Receipts Cash Payments July $15,000 August $20,000 Net Cash Flow, enter negative as Beginning Cash Subtotal Bank Loan, enter repayment as "-" Ending Cash GA Short term Loan balance $