Exercise 20.17 (Algo) Preparation of cash budgets (for three periods) LO P2 Kayak Compsny budgeted the folowing cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan princlpal and interest poyments) for the first three months of next year Kayak requires a minmum cam balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, poid at each monthend. The interest is computed based on the beginning balance of the loan for the month. Any prelimnary cash balance obove $30.000 is used to repay loans ot monthend. The company has a cash balance of $30.000 and a loan balance of $60,000 it Janciary 1 . Prepare monthly cash budgets for January, February, and March. (Negotive balonces ond Loen repoyment amounts (if ony) should be indicoted with minus sign.) Exercise 20.17 (Algo) Preparation of cash budgets (for three periods) LO P2 Kayak Compsny budgeted the folowing cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan princlpal and interest poyments) for the first three months of next year Kayak requires a minmum cam balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, poid at each monthend. The interest is computed based on the beginning balance of the loan for the month. Any prelimnary cash balance obove $30.000 is used to repay loans ot monthend. The company has a cash balance of $30.000 and a loan balance of $60,000 it Janciary 1 . Prepare monthly cash budgets for January, February, and March. (Negotive balonces ond Loen repoyment amounts (if ony) should be indicoted with minus sign.)