CA #32 1 Saved 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. 2 points eBook Hind References January February March Cash Receipts Cash payments $464,800 353,800 524,000 $ 518,000 407,000 454,000 Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Mc KAYAK COMPANY Cash Budget January February March Beginning cash balance $ 30,000 $ 30,000 Add: Cash receipts Total cash available Add Cash payments for Interest on loan Additional loan (loan repayment) Total cash payments Preliminary cash balance 0 0 Help Saw