' l Exercise 20-17 (Algo) Preparation of cash budgets (for three periods) LO P2 Kayak Company budgeted the follow _ lng cash recelpts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the rst three months of next year. ~ ___._;r_..__ January 3 523.000 5 {71,500 7 February 410,000 353,500 March 476,000 529,000 "nu: Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%. interest per month, paid at each monthend. 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 Jam'iiary 1. \"on..." Prepare monthly cash budgets for January, February. and March. (Negative balances and Loan repayment amounts (If any) should be indicated with minus sign.) ' Beginning cash balance Add: Cash receipts Total cash available Ending ash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance. end of month