A company requires a minimum $11,560 cash balance at each monthend. If necessary, a loan...
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Accounting
A company requires a minimum $11,560 cash balance at each monthend. If necessary, a loan is taken to meet this requirement at a cost of 1% interest per month (pald at the end of eachi month). Any preliminary cash balance above $11,560 is used to repay loans at month-end. The cash balance on March 1 is $11,700, and the company has no outstanding loans. Budgeted cash receipts from sales are: March, $25,300; April, $32.260, and May. $40,650. Budgeted cash payments (excluding loan or interest payments) are: March. $29,300; April, $30,130; and May. \$32.260. Required: Prepare a cash budget for March, April, and May. Note: Negative bolances and Loan repayment omounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollor. Note: Negative bolances and Loon repoyment omounts (if any) should be indicoted with minus sign. Round your final answers to the neorest whole dollor
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