CH 20 Homework i 2 Saved Help Save & Exit Submit Check my work 5 points 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. Cash Receipts $ 519,000 407,000 454,000 Cash payments $ 465,800 353,800 521,000 eBook Hint Print References January February March Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1. 5 Check my work 2 Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) points eBook Beginning cash balance Add: Cash receipts KAYAK COMPANY Cash Budget January February March $ 40,000 $ 40,000 $ 65,324 519,000 407,000 454,000 559,000 447,000 519,324 Hint Total cash available Print Less: Cash payments for References All items excluding interest 465,800 353,800 521,000 Interest on loan 800 276 0 Total cash payments 466,600 354,076 521,000 Preliminary cash balance 92,400 92,924 Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month $ 40,000 Loan balance $ 80,000 $ 27,600 $ $ 27,600 $ 0