Het Foyert Corp. requires a minimum $30,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $30,000, and the company has an outstanding loan of $10,000. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments October November December $110,000 $80,000 $100,000 120,000 75,000 30.000 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) Answer is complete but not entirely correct. FOYERT CORP. Cash Budget For October, November, and December October November December Beginning cash balance S 30,000 $ 30,000 $ 30,000 Cash receipts 110,000 80,000 100,000 Total cash available 140,000 110,000 130,000 Cash payments (120,000) (75,000) (80,000) Interest on bank loan (200) (596) (508) Preliminary cash balance $ 19,800 34,404 $ 49,492 Additional loan (loan repayment) 10.200 (4,404) (19,492) Ending cash balance $ 30,000 30,000 30.000 Loan balance Loan balance - Beginning of month $ 10,000 $ 29,800 $ 25,396 Additional loan (loan repayment) 19,800 (4.404) (19,492) Loan balance - End of month $ 29,800 $ 25,396 5,904