Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash...
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Accounting
Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Cash Receipts Cash payments January $ 520,000 $ 466,800 February 410,000 356,800 March 463,000 532,000 Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is com
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