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Motors Corporation manufactures motors for ditt bikes. The compony requires a minimum $30,000 cash balance at each month end. If necessary, the company borrows to

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Motors Corporation manufactures motors for ditt bikes. The compony requires a minimum $30,000 cash balance at each month end. If necessary, the company borrows to meet this requirement at a cost of 3% interest per month (paid at the end of each month). Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $39,000, and the company has no outstanding loans, Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loan activity) follow. Prepare a cash budget for July. August, and September. Note: Negative balances and Loan repoyment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar. Prepare a cash budget for July. August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar

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