Business, 13.12.2020 06:30 soriajimmy85

Mike’s Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company borrows to meet this requirement, at a cost of 2% interest per month (paid at the end of each month). Any cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $32,000, and the company has no outstanding loans at that time. Forecasted cash receipts and forecasted cash payments (other than for loan activity) are as follows. Cash
Receipts Cash
Payments
July $ 83,000 $ 111,000
August 109,000 97,900
September 148,000 125,400

Prepare a cash budget for July, August, and September. (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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Mike’s Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash...