Corporation requires a CASH BUDGET minimum $25,000 cash balance. Loans taken to meet this requirement cost 0.25% interest per month (paid at the end of each month). Any preliminary cash balance above $25,000 is used to repay loans at month-end. The cash balance on November 1, 2022, is $25,000, and the company has an outstanding loan of $8,000 as of November 1st 2022. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow: Nov. 2022 Dec. 2022 Jan, 2023 Cash receipts $91,400 $94,200 $95,000 Cash payments 85,900 92,000 98,200 Prepare a cash budget for November 2022. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

Corporation requires a CASH BUDGET minimum $25,000 cash balance. Loans taken to meet this requirement cost 0.25% interest per month (paid at the end of each month). Any preliminary cash balance above $25,000 is used to repay loans at month-end. The cash balance on November 1, 2022, is $25,000, and the company has an outstanding loan of $8,000 as of November 1st 2022. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow: Nov. 2022 Dec. 2022 Jan, 2023 Cash receipts $91,400 $94,200 $95,000 Cash payments 85,900 92,000 98,200 Prepare a cash budget for November 2022. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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