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 $ 520,000 $ 462,400 February 403,500 345,900 March 463,000 522,000 Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money 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. Any preliminary cash balance above $40,000 is used to repay loans at month-end. 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.) KAYAK COMPANY Cash Budget January $ 40,000 February March Beginning cash balance Total cash available 0 0 Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 80,000 CA 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $519,000 for April, $529,000 for May, and $554,000 for June. Total sales for March are $303,800. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales Sales on account Total sales 35% 65% May June JASPER COMPANY Schedule of Cash Receipts April Cash receipts from Cash sales Collection of accounts receivable Total cash receipts