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Smith Corporation's budget included the following items for the month of June.

Cash receipts $125,000

Purchase of merchandise $75,000

Salaries expense $60,000

Utilities expense $15,000

Depreciation expense $15,000

In addition, Smith requires a minimum cash balance of $10,000 at each month-end. Loans taken to meet this requirement cost 1% interst per month (paid monthly). The interest is computed based on the loan balance at the beginning of the month. Any excess cash is used to repay loans at month-end. Smith has the following balances on June 1: Cash, $32,000; Loans payable, $0.

Complete the blanks below to prepare the monthly cash budget for June.

Answers in the first (left) column should contain words. Answers in the second (right) column should contain numbers.

Do not use commas, dollar signs, or decimals in your numbers. Round to the nearest whole dollar, if necessary. For any negative balances or loan repayments, use parenthesis in your answers. If an answer is 0, you must enter the 0.

		June
Beginning cash balance
Add:
Total cash available
Less: Cash payments (list below)
Total cash payments
Preliminary cash balance
Loan activity
Additional loan from bank or (repayment of loan to bank)
Ending cash balance
Loan balance, end of month

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