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D Question 21 45 pts Hunter Corp. requires a minimum $20,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on October 1 is $16,000. Cash receipts other than for loans received for October, November, and December are forecasted as $30,000, $92,000, and $105,000, respectively. Payments other than for loan or interest payments for the same period are planned at $38,500, $85,000, and $90,000, respectively at October 1, there are no outstanding loans. Prepare a cash budget for October, November, and December Edit View Insert Format Tools Table 12pt Paragraph BI U ALT: 1. Widmer Corp. requires a minimum $10,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on July 1 is $10,400. Cash receipts other than . for loans received for July, August, and September are forecasted as $24,000, $32,000, and $40,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, $30,000, and $32,000, respectively at July 1, there are no outstanding loans. September BER Required: Prepare a cash budget for July, August, and September. I Answ+: Vuly August Cash Balance: Balance (Beginning) $10,400 $10,000 Cash Receipts 24,000 32,000 Cash Disbursements (28,000) (30,000) Interest paid 0 (36 Preliminary Balance $ 6,400 $11.964 Loan 3,600 0 Repaid 0 1.964) Balance (Ending) $10,000 $10.000 1. $10,000 40,000 (32,000) (16)** $17,984 0 (1.636) $16.348 ***** ***** * $3,600 * 1% = $36 ** ($3,600 $1,964) * 1% = $16