Eh 07 Ex 7-17 1 15 points Saved Exercise 7-17 (Algo) Preparation of cash budgets (for three periods) LO P2 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. Book January February March Hint Ask Print References Cash Receipts Cash payments $ 517,000 409,000 463,000 $ 457,200 349,200 524,000 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 Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Beginning cash balance Add Cash receipts KAYAK COMPANY New matches, just for you! Cash Budget January February March $ 40.000 517.000 40 000 409.000 463 000 557000 440 000 Help