Kayak Co. 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	$	523,000		$	464,300
February		406,500			347,800
March		463,000			529,000

According to a credit agreement with the companys bank, Kayak promises to have a minimum cash balance of $40,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at a monthly interest rate of 1%, 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 any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1.

Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.)

I keep getting stuck. I got some of the field right when I did the check my work, however I can't seem to figure it out.

KAYAK COMPAN Cash Budget For January, February, and March January February March Beginning cash balance Cash receipts Total cash available 40,000 S 40,000 406,500 446,500 (347,800) 523,000 563,000 (464,300) (800) 97,900 (57,900) 463,000 ash payments nterest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance (529,000) (221 98,479 58,479 40,000 40,000 S Loan balance Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month 80,000 S 22,100 S (57,900) 58,479 5 22,100 (36,379)