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foyert corporation Foyert Corporation requires a minimum $7,100 cash...

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Accounting

foyert corporation
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Foyert Corporation requires a minimum $7,100 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $7,100 is used to repay loans at month-end. The cash balance on October 1 is $7,100, and the company has an outstanding loan of $3,100. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. October $ 23,100 Cash receipts Cash payments November $ 17,100 16,100 December $ 21,100 14,900 25,650 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.) nces ces dollar.) Beginning cash balance Total cash available 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 FOYERT CORPORATION Cash Budget October $ Loan balance 7,100 0 3,100 November 0 December + 0

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