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Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. 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 $29,000, and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loar activity) follow Prepare a cash budget for July. August, and September (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|r|}{ July } & \multicolumn{2}{|c|}{ August } & \multicolumn{2}{|c|}{ September } \\ \hline Beginning cash balance & & 29,000 & $ & 30,000 & $ & 30,000 \\ \hline Add: Cash receipts & & 80,000 & & 106,000 & & 145,000 \\ \hline Total cash available & & 109,000 & & 136,000 & & 175,000 \\ \hline \multicolumn{7}{|l|}{ Less: Cash payments for } \\ \hline Interest on loan & & 0 & & 870 & & 563 \\ \hline Cash payments & & 108,000 & & 95,770 & & 122,963 \\ \hline Total cash payments & & 108,000 & & 96,640 & & 123,526 \\ \hline Preliminary cash balance & & 1,000 & & 39,360 & & 51,474 \\ \hline Additional loan (loan repayment) & & 29,000 & & (10,230) & & (18,770) \\ \hline Ending cash balance & $ & 30,000 & $ & 29,130 & $ & 32,704 \\ \hline \multicolumn{7}{|l|}{ Loan activity } \\ \hline Loan balance, beginning of Month & $ & 0 & $ & 29,000 & $ & 18,770 \\ \hline Additional loan (loan repayment) & & 29,000 & & (10,230) & & (18,770) \\ \hline Loan balance, end of month & $ & 29,000 & $ & 18,770 & $ & 0 \\ \hline \end{tabular}