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5 Kayak Co 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 0.52 points January February March Cash Receipto $525,000 400.000 450,000 Cash payments 8475,000 350,000 525,000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at a monthly interest rate of 1%, pald on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $30,000 on the last day of each month. 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 Loon repayment amounts if any) should be indicated with minus sign) Answer is complete but not entirely correct. KAYAK COMPANY Cash Budget For January February, and March January Fabiary sen ME GT be indicated with minus sign.) Answer is complete but not entirely correct. March KAYAK COMPANY Cash Budget For January, February, and March January February Beginning cash balance $ 30,000 $ 30,000 $ Cash receipts 525,000 400,000 Total cash available 555,000 430,000 Cash payments (475,000) (350,000) Interest expense (600) (320) Preliminary cash balance (80,000) 86,459 Additional loan (loan repayment) (55,900) (4,100) $ Ending cash balance 30,000 $ 82,359 $ Loan balance Loan balance - Beginning of month $ 60,000 $ 4,100 $ Additional loan (loan repayment) (55,900) (4.100) $ Loan balance - End of month 4,100 0 $ 82,359 X 450,000 532,359 (525,000) 0 7,359 6,641 30,000 0 6,641 $ 6,641