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 February March $ 528,000 405,500 472,000 $ 475,900 353,400 529,000 Kayak requires a minimum cash balance of $50,000 at each month-end. Loans 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 $50,000 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. Note: Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Cash payments Interest on loan Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance KAYAK COMPANY Cash Budget January February March $ 50,000 $ 50,000 S 528,000 578,000 405,500 455.500 50,000 472,000 522,000 (475.900) (353,400) (529,000) 1,000 1,021 0 (474.900) (352,379) (529,000) < Prev 5 of 10 Next >