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Exercise 20-17(Algo) Preparation of cash budgets (for three periods) LO P215SavedHelp Save & ExitSubmitKayak Company...

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Accounting

Exercise 20-17(Algo) Preparation of cash budgets (for three periods) LO P215SavedHelp Save & ExitSubmitKayak 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.January FebruaryMarchCash Receipts Cash payments$523,000$ 465,400408,000350,400462,000522,000Kayak 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.)KAYAK COMPANYCash BudgetJanuaryFebruaryMarchBeginning cash balance$40,000Total cash availableTotal cash payments00Preliminary cash balanceLoan activityEnding cash balanceLoan balanceLoan balance - Beginning of month$80,000Additional loan (loan repayment)

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