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Foyert Corp. requires a minimum $7,600 cash balance. If necessary, loans are taken to meet...

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Accounting

Foyert Corp. requires a minimum $7,600 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $7,600 and the company has an outstanding loan of $3,600. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.

October November December
Cash receipts $ 23,600 $ 17,600 $ 21,600
Cash payments 26,400 16,600 14,400

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.)

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