Exercise 7-17 (Algo) Preparation of cash budgets (for three periods) LO P2 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 January February Receipta payments 521,000 464,500 409,500 353,000 474000 530,000 Kayak requires a minimum cash balance of $30,000 at each month-endLoans 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 )

Exercise 7.17 (Algo) Preparation of cash budgets (for three periods) LO P2 Karak Company budgeted the following cash recelpts (excluding cash receipts fram ioans recolvedi and cash poyments inxeduoing cosh poyments for losn peincipal and inserest paymentsi for thel first thee ingaths of next year Kayak reguires a minimum cash batance of 530,000 at each month -end. Lonns taken to meet mik requirement charge th, inderest per month, pald at each month-end. The unerest is coenputed based on the beginning balance of the loon for the forthe Any prelminary cash batence above $30,000 is used to fepoy loans at month-end. The company has a cash balance of 530,000 and a loan balance of 560.000 at Jeruaty 1 . Prepore monthly cash budgets for January, February, and Merch. (Negative balences and toan repoyment amounts (if afy) aheuld be indicated with minus sign-] 717 i Saved Prev 1 of 1