Hels Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compa 1 15 points 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 Cash Receipts Cash payments January $ 524,000 $469,300 February 409,000 350.300 March 476,000 529.000 Kayak requires a minimum cash balance of $50,000 at each month-end Loons 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 550,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1, Prepare monthly cash budgets for January, February, and March (Negative balonces and Loan repayment amounts f any should be indicated with minus sign.) Answer is not completo KAYAK COMPANY Cash Budget January February Beginning cash balance $ 50,000 50.000 524,000 409,000 Add: Cash receipts 476,000 Total cash avalable 574,000 469,000 Los: Cash payments for Al recluding interest (465.300) (360,300) (529.000 March February $ 50,000 409,000 459,000 476,000 (529,000) KAYAK COMPANY Cash Budget January Beginning cash balance $ 50,000 Add: Cash receipts 524,000 Total cash available 574,000 Less: Cash payments for All items excluding interest (465,300) Interest on loan (600) Total cash payments (465,900) Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance $ 50,000 Loan balanco Loan balance - Beginning of month $ 100,000 Additional loan (loan repayment) Loan balance, end of month (350,300) (52) (350,352) (529,000) ots $ 50,000 $ 0 0 A