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Foyert Corporation requires a minimum $7,100 cash balance. Loans taken to meet this requirement cost...

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Accounting

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 November December
Cash receipts $ 23,100 $ 17,100 $ 21,100
Cash payments 25,65016,10014,900
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