Business, 27.03.2020 03:28 tatipop49

Exercise 20-21 Cash budget LO P2 Foyert Corp. requires a minimum $6,400 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $6,400 and the company has an outstanding loan of $2,400. 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 $ 22,400 $ 16,400 $ 20,400 Cash payments 24,600 15,400 15,600 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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Exercise 20-21 Cash budget LO P2 Foyert Corp. requires a minimum $6,400 cash balance. Loans taken to...