Exercise $20-23($Algo$)$ Manufacturing: Cash budget LO P$2$

Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $$30,000$ cash balance at each month$-$end. If necessary, the company borrows to meet this requirement at a cost of $3\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$30,000$ at month$-$end is used to repay loans. The cash balance on July $1$ is $$43,000,$ and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments $($other than for interest on the loan and loan activity$)$ follow.

$\backslash$table$[[,$July,August,September$],[$Cash receipts,$$94,000,$$$120,000,$$$159,000$