Kenora Canoeing & Kayaking is developing plans to purchase additional equipment for lessons and facility expansion. They plan to purchase about $$53,000$ of new equipment each year and want to begin a fund to purchase a $$603,000$ piece of property for expansion.

The manager is concerned about their ability to purchase equipment and expand facilities. His accountant has agreed to help prepare the following, which will help the manager decide whether the plans are realistic. Additional information follows the financial statement.

Additional Information

Saved

ditional Information

ther financial information as of November $30,2020$ :

a$.$ Cash in checking account, $$15,500.$

b$.$ Petty cash, $$750.$

c$.$ Outstanding mortgage balance, $$756,000.$

d$.$ Accounts payable for supplies and utilities unpaid as of October $31,2020,$ and due in November $2020,$$$5,300.$

he club purchased $$53,000$ worth of sailing equipment during $2020.$ Cash of $$23,000$ was paid on delivery, with the balance due on November $1,$ unpaid as of November $30,2020.$

The club began operations in year $2013$ in rental quarters. In $2015,$ it purchased its current property $($land and building$)$ for $$1,254,000,$ paying $$246,000$ down and agreeing to pay $$63,000$ plus $6\%$ interest annually on the previously unpaid loan balance each November $1,$ starting November $1,2016.$

nembership rose $4$ during $2019,$ approximately the same annual rate of increase the club has experienced since it opened. That is expected to continue in the future.

Membership fees were increased by $12\%$ in $2019.$ The board has tentative plans to increase them by $8\%$ in $2020.$

$-$esson fees have not been increased for three years. The number of lessons has grown significantly each year; the percentage growth experienced in $2019$ is expected to be repeated in $2020.$

Miscellaneous revenues are expected to grow in $2020($over $2019)$ at the same percentage as experienced in $2019($over $2018).$

Teachers' wages and benefits will increase to $$606,150.$ The wages and benefits of other employees, and the manager, will increase

$12\%.$ Equipment depreciation and supplies, utilities, and miscellaneous expenses are expected to increase $17\%.$

quired:

Construct a cash budget for $2020$ for the company.

Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar amounts.

Kenora Canoeing & Kayaking

Cash Budget

For Year $2020$