Return to question 5 Kayak Company 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. 20 points January February March Cash Receipts $ 518,000 401,000 466,000 Cash payments $ 465,900 348,90 520,000 Kayak requires a minimum cash balance of $30,000 at each month-end. The company can borrow money at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 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.) Return to question 5 20 points * Answer is not complete. KAYAK COMPANY Cash Budget January February $ 30,000 $ 30,000 518,000 401,000 548,000 431,000 March 466,000 348,900 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for All items excluding interest Interest on loan Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance 465,900 600 466,500 520,000 0 0 520,000 348,900 $ 30,000 S 30,000 Loan balance $ 60,000 S 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month S 0