QUESTIONS 36 pol Jones Consulting, a service company, budgeted the following for July, August, and September: August $240,000 September $245,000 July Cash Receipts(excluding any funds received from loans) $235,000 Operating Expenses indudes salaries of $30,000 and $10,000 of depreciation $235,000 expenses excludes any repayment of loans or interest expense) 5246,950 $250,000 All cash operating expenses are paid in the month incurred. According to a credit agreement with its bank, Jones requires a minimum cash balance of $20,000 at each month-end. In return, the bank has agreed that the company can borrow up to $100,000 at an annual interest rate of 12%, with interest paid monthly on the last day of each month. The interest is computed based on the loan balance at the beginning of the month. The company repays loan principal with any cash in excess of $20,000 on the last day of each month. On July 1, Jones had a the following balances: cash, $5,000; loan payable, $0. Prepare monthly cash budgets for July, August, and September. Answers in the first (left) column should contain words. Answers in the other three columns should contain numbers. Do not use commas, dollar signs, or decimals in your numbers. Round to the nearest whole dollar, if necessary. For any negative balances or loan repayments, use parenthesis in your answers. July August September Beginning cash balance Add: Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Additional loan from bank Repayment of loan to bank Ending cash balance Loan balance, end of month