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Foyert Corp. requires a minimum $6,200 cash balance. Loans taken to meet this requirement cost...

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Accounting

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Foyert Corp. requires a minimum $6,200 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $6,200 and the company has an outstanding loan of $2,200. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments October $ 22,200 24,300 November $16,200 15,200 December $20,200 15,800 Prepare a cash budget for October, November, and December. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) FOYERT CORP. Cash Budget For October, November, and December October November $ 6,200 December Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 2,200 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month

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