Foyert Corporation requires a minimum $6,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $6,500 is used to repay loans at month-end. The cash balance on October 1 is $6,500, and the company has an outstanding loan of $2,500. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. October November December Cash receipts $ 22,500 $ 16,500 $ 20,500 Cash payments 24,750 15,500 15,500 Prepare a cash budget for October, November, and December. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

X Lu Homework: //ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.m : Budgeting, Pro-forma Financial Statements Assi... i Saved Check my work mode : This shows what is correct or incorrect for the work you have com Cash Budget October November December Beginning cash balance 6,500 $ 6,500 6,500 Add: Cash receipts 22,500 16,500 20,500 Total cash available 29,000 23,000 27,000 Less: Cash payments for All items excluding interest 24,750 15,500 15,500 Interest on loan Total cash payments 24,750 15,500 15,500 Preliminary cash balance $ 4,200 $ 7,405 $ 11,423 Loan activity Additional loan (loan repayment) 2,300 (905) (3,484) X Ending cash balance $ 6,500 $ 6,500 $ 6,500 X Loan balance Loan balance - Beginning of month $ 2,500 $ 4,750 $ 6,050 Additional loan (loan repayment) 2,300 905) (3,484) Loan balance - End of month $ 4,750 X $ 6,050 X $ 2,566 Q Search Bms TURBO