Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.

	Cash Receipts		Cash Disbursements
January	$	522,000	$	479,000
February		406,500		365,000
March		478,000		530,000

According to a credit agreement with the companys bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed. based on the beginning balance of the loan for the month. The company repays loan principal with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.

Prepare monthly cash budgets for each of the first three months of next year. (Be certain to enter "0" wherever required. Negative balance and Loan repayment amount should be indicated with minus sign.)

KAYAK COMPANY
Cash Budget
For January, February, and March
	January	February	March
Beginning cash balance	$30,000	$30,000
Cash receipts	522,000	406,500	478,000
Total cash available	552,000	436,500
Cash disbursements	(479,000)	(365,000)	(530,000)
Interest expense	(600)	(176)
Preliminary cash balance	72,400	71,324
Additional loan (loan repayment)	(42,400)
Ending cash balance	$30,000		$30,000
Loan balance
Loan balance - Beginning of month	$60,000	$17,600	$0
Additional loan (loan repayment)	(42,400)
Loan balance - End of month	$17,600