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Ch 07 Ex 7-176 Saved Help Save&Exit Sub Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to questi 3 Answer is complete but not entirely correct. KAYAK COMPANY Cash Budget For January, February, and March 5 oints January February March s 50,000 50,000 0 59,950 Beginning cash balance Cash receipts Total cash available Cash payments Interest expense Preliminary cash balance 526,0 0001 409 000 476,000 576,000 470,600 1,000 459,000 535,950 6000 353,600 520,000 353,600520,000 450-00 105,000 ) 104,950 ) 15,960 p (45,000)4050 50,000 59,950S 50,000 Additional loan (loan repayment) (55,000) Ending cash balance Loan balance Loan balance - Beginning of month S 100,000 S 45,000 S Additional loan (loan repayment) Loan balance-End of month (45,000) 34,050 (55,000) S 45,000 001s 34,050 Prey 10f 1 Next Exercise 7-17 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 Cash Receipts $526,ee0 409,e00 476,000 Cash payments $470,68e 353,600 528,800 ook January February March int sk Print rences According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 at each month-end. In return. the bank has agreed that the company can borrow up to $140,000 tt 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. The company repays loan principal with any cash in excess of $50,000 on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 at January1 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 Prev1 of 1 Next