Exercise $20-17$ Preparation of cash budgets $($for three periods$)\frac{?}{{?}_{\frac{?}{?}}}$ P$2$

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.

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.