MOTORS CORPORATIONCash BudgetJulyAugustSeptemberTotal cash availableLess: Cash payments forPreliminary cash balanceEnding cash balanceLoan balanceLoan balance, Month-end Motors Corporation manufactures motors for dirt bikes. The company reguires a minimum $30,000 cash balance at each month-end. Ifnecessary, the company borrows to meet this requirement at a cost of 3% interest per month (paid at the end of each month). Anypreliminary cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $39,000, and thecompany has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loanactivity) follow.Cash receiptsCash paymentsJulyS 9e, eee118, e00August$ 116,000104, 900September$ 155,000132,400Prepare a cash budget for July, August, and September (Negative balances and Loan repayment amounts (if any) should beindicated with minus sign. Round your final answers to the nearest whole dollar.)MOTORS CORPORATIONCash BudgetJulyAugustSeptemberTotal cash availableLess: Cash payments for

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Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. necessary, the company borrows to meet this requirement at a cost of 3% interest per month (paid at the end of each month). Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balante on July 1is $39,000, and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loar activity) follow. Cash receipts Cash payments July $ 90,eee 118,000 August $ 116,000 104, 900 Septenber $ 155,000 132,400 Prepare a cash budget for July, August, and September (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. necessary, the company borrows to meet this requirement at a cost of 3% interest per month (paid at the end of each month). Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balante on July 1is $39,000, and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loar activity) follow. Cash receipts Cash payments July $ 90,eee 118,000 August $ 116,000 104, 900 Septenber $ 155,000 132,400 Prepare a cash budget for July, August, and September (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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