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File Edit View History Bookmarks Profiles Tab Window Help tra Credit Pro X D2L. Classlist - Spring 2024 Acco M Inbox (5,598) - jennawilt11@ ×+ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% it Practice Exam 3 1 es Saved Exercise 20-17 (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. January February March Cash Receipts Cash payments $ 525,000 401,500 467,000 $ 466,300 342,800 520,000 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 Total cash available Less: Cash payments for All items excluding interest Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January February March $ 40,000 525,000 565,000 0 0 0 Loan balance $ 80,000 $ < Prev 4 of 45 Score answer >

File Edit View History Bookmarks Profiles Tab Window Help tra Credit Pro X D2L. Classlist - Spring 2024 Acco M Inbox (5,598) - jennawilt11@ ×+ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% it Practice Exam 3 1 es Saved Exercise 20-17 (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. January February March Cash Receipts Cash payments $ 525,000 401,500 467,000 $ 466,300 342,800 520,000 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 Total cash available Less: Cash payments for All items excluding interest Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January February March $ 40,000 525,000 565,000 0 0 0 Loan balance $ 80,000 $ < Prev 4 of 45 Score answer >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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File Edit View History Bookmarks Profiles Tab Window Help tra Credit Pro X D2L. Classlist - Spring 2024 Acco M Inbox (5,598) - jennawilt11@ ×+ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% it Practice Exam 3 1 es Saved Exercise 20-17 (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. January February March Cash Receipts Cash payments $ 525,000 401,500 467,000 $ 466,300 342,800 520,000 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 Total cash available Less: Cash payments for All items excluding interest Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January February March $ 40,000 525,000 565,000 0 0 0 Loan balance $ 80,000 $ < Prev 4 of 45 Score answer >
Transcribed Image Text:File Edit View History Bookmarks Profiles Tab Window Help tra Credit Pro X D2L. Classlist - Spring 2024 Acco M Inbox (5,598) - jennawilt11@ ×+ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% it Practice Exam 3 1 es Saved Exercise 20-17 (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. January February March Cash Receipts Cash payments $ 525,000 401,500 467,000 $ 466,300 342,800 520,000 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 Total cash available Less: Cash payments for All items excluding interest Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January February March $ 40,000 525,000 565,000 0 0 0 Loan balance $ 80,000 $ < Prev 4 of 45 Score answer >
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