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4 Exercise 20-17 Preparation of cash budgets (for three periods) LO P2 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 first three months of next year. 1 points Cash Receipts 3525,000 400,000 450,000 January February March Cash payments $475,000 350,000 525,000 eBook Hi According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 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 16. pald 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 $30,000 on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1 Print References 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 For January February, and March January February $ 30,000 March Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 30.000 0 Loan balance Beginning of month Additional loan dan repayment) Loan balance - End of month 07 Exercise 20-18 Budgeted cash receipts LO P2 1 points Jasper Company has sales on account and for cash. Specifically. 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April May, and June Book April May June Cash sales Sales on account Total sales 30% 70% Hint $ os 05 0 Print References May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from Cash sales Collection of accounts receivable Total budgeted cash receipts