Managerial Accounting

References Check my work 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 rst three months of next year. Cash Cash Receipts payments January $528,000 $474,800 February 406,500 353,300 March 479,000 521,000 I According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month- end. In return, the bank has agreed that the company can borrow up to $150,000 at a monthly interest rate of 196, 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.) Beginning cash balance :5 40,000 _ _ Preliminawoasnbalanoe __ MM... ___ Loan balance - Beginning of month :5 80,000 _- Loan balanceEnd of month ___